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your hammer mentality is oppositely wrong

in fact if you think about it, if the downturn is short, then what does that tell you



things to think about while drinking milk
 
Quote from coolweb:

your hammer mentality is oppositely wrong

in fact if you think about it, if the downturn is short, then what does that tell you



things to think about while drinking milk
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yeap - cant post a chart here without getting blasted -- comes with the territory

the longer the downturn - the more likely selling interest will be exhausted - hence the likely hood of a reversal increases

that was my thought
I wont apologize for it

whats your reasoning?
 
mgabriel, I sent you a privater messager. I use hammer as well, but in forex but my trouble is seeing so mnay and distinguishing good from bad and what not and where stop placement should be
 
You could post 100 different charts, all of them profitable and someone on ET will rip you for it and find flaws in your methods. Wake Up ET. All trading methods have flaws.

My take on hammers.....I watch for them closely on the 5-min charts and I have found they are fairly unreliable in picking the exact turns of the market but the moves beyond these highs/lows tends to be the last. If you want to improve your trading with hammers look for them, wait for the market to move past that high/low, and that's your trigger when that move turns. Nothing works all the time and your method may not jive with someone else's. Just do what works and good trading!

Quote from mgabriel01:

yeap - cant post a chart here without getting blasted -- comes with the territory
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I am reading Steve Nisons book

The Candlestic Course

its been helpful to me
I got a used copy for 32 bucks on Amazon
Its like 75 bucks in the bookstore
 
Or.....take them as you are now and if they fail increase your size on the subsequent trigger provided it has gone far enough to trigger stops above/below that last high/low. Be sure not to tell anyone here you're doing that because they'll call you a martingale gambler and try and predict how fast you're going to blow up :D

Quote from ProfitTakgFool:

You could post 100 different charts, all of them profitable and someone on ET will rip you for it and find flaws in your methods. Wake Up ET. All trading methods have flaws.

My take on hammers.....I watch for them closely on the 5-min charts and I have found they are fairly unreliable in picking the exact turns of the market but the moves beyond these highs/lows tends to be the last. If you want to improve your trading with hammers look for them, wait for the market to move past that high/low, and that's your trigger when that move turns. Nothing works all the time and your method may not jive with someone else's. Just do what works and good trading!
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