YM Charts

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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Thanks for your comments. Yeah everything Ive tried has flaws --- such is life.

What you suggest here is what I am working through - in order to execute with some consistency. I appreciate the feedback
 
Quote from ProfitTakgFool:

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
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actually not showing the entries, exits or stops on these charts - just the reversal signal

lol --- Im still not entirely crisp in my own mind on the entries and exits and especially the stops

still working that through
 
Quote from mgabriel01:

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
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Good book.

A lot of folks forget that Candle patterns, including the Hammer, require the next complete bar for confirmation.........the obvious problem waiting for the "confirmation bar" is that often times, the move is either done - or the retrace stops you right out of the trade.

Just FWIW


Steve
 
Quote from NoProblem:

Good book.

A lot of folks forget that Candle patterns, including the Hammer, require the next complete bar for confirmation.........the obvious problem waiting for the "confirmation bar" is that often times, the move is either done - or the retrace stops you right out of the trade.

Just FWIW


Steve
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Yeah - it ain't easy -- however you approach it
Thats why Im paper trading at the momen
Thanks for the comment
 
Are you shorting upside down hammers, too?

What are you doing when there's a hammer at the end of an uptrend?

What do you do when the bottom wick on the hammer is longer than your stop loss?
 
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