Opening up this thread for any questions about trading the WRB in the 60min Flow…….
http://tradersaint.com/forum/t-142942/the-60min-flow#post-443696
All the best!
Saint
Opening up this thread for any questions about trading the WRB in the 60min Flow…….
http://tradersaint.com/forum/t-142942/the-60min-flow#post-443696
All the best!
Saint
Saint,
LAST NOTE:This again is in an Uptrend…..In a WRB Continuation move,stops at the high of the WRB.In a WRB Continuation move,possibly Exhaustion,stops at the high of the WRB.
High —> low?
Bee
LAST NOTE
:This again is in an Uptrend…..In a WRB Continuation move,stops at the high of the WRB.In a WRB Continuation move,possibly Exhaustion,stops at the high of the WRB.
Saint,
Is there a typo in the above sentence ? Should it read as "This again is in an Uptrend…..In a WRB Continuation move,stops at the low of the WRB.In a WRB Continuation move,possibly Exhaustion,stops at the (close -33% of (Close -Open))of the WRB.
Smart_trade
Thanks Bee/ST……………….Meant the last part for a downtrend.Already editted.Copying it below for clarification.
LAST NOTE:All this again is in an Uptrend…..In a WRB Continuation move in a downtrend however,stops at the high of the WRB.And even in a move that is possibly Exhaustion,stops still at the high of the WRB.
All the best!
Saint
Saint,
Even if last arrow was a breakout WRB, look at that bar….it spent most of it's bullish energy before it took out the internal pivots and it took out those pivots in last 10% of that WRB.I have found that the bullish energy is spent out before the breakout,(like attempting a breakout at fag end of WRB's career)……..and even if it was a breakout WRB,it is better to keep SAR at low of that bar.
If however the pivot break comes in early part (between 0-40% ) of that WRB,then SAR at 50 % is perfect. In the first case (breakout at fag end of WRB)the market becomes overbought by the time it breaks the pivot and needs a correction and keeping SAR at next bar closing < 50 % etc will get this level taken out in correction….. I have observed this happening in number of WRBs. The WRB here is as if it just managed to take out internal pivots and lost its breath soon after……it is like trying to fight the enemy (pivot taking over) after climbing 6 floors on foot….very tough,it needs rest in form of correction.
Regards,
Smart_trade
Yes ST…………Already mentioned in the WRB post……those 3 bars down and if we get a WRB breaking out to new highs is not the definition of what we mean by a WRB Breakout.But well put,that pivot break must come in the early part in the formation of the WRB(Think even 40% is too much….).
Saint
Saint,
I have a querry on breakout bar failure in 60 min flow. I tried to open a new thread but the site does not consider me worthy of opening a new thread and refuses the permission. Please open a new thread on Q & A on 60 min flow breakout/breakdown failures and kindly shift this question there.
I was going through the "school"section and under breakout failure reversal following is mentioned.
"D.FAILED BREAKOUT BAR REVERSAL: Supposing a bar takes out a Pivot high and puts us out of Short position into a fresh Long position. Now supposing we are NOT able to take out the highs of this BREAK OUT BAR, we get an indication that the break out was false…and so we reverse to SHORTS again below the low of the break out bar minus the filter. IF we have a breakout in the Direction of the trend, and then it fails, we have ample reasons to reverse our positions. Whether we are sitting with initial positions or with adds, a failure of a breakout/breakdown is a great place to reverse and capitalize on."
In case of RIL,on 17th & 18th March,there was a case as under :
We were long, then pivot low broken,we went short,the breakdown candle is bearish,the next candle is also bearish,cracked the low of bearish breakdown candle….next candle inside bar…the day ends. Next day morning,10 :00 candle puts a bullish bar which takes out the high of the earlier breakdown candle(no gap opening),closes above that,next candle bullish….so on. In this case the breakdown candle low was broken and next day mkt reversed. Do we take it as breakdown failure and reverse above the breakdown candle top +f or we wait for PH to be taken out before reversal to long ?
Regards,
Smart_trade
:) ST……..Sorry about that.In this section,only I can create new threads……apologies.
Over the pivot high,ST…….. this move on RIL is a failed breakout,no doubt,and what ensues the next day is a failed breakout failure…..so,as far as we are concerned,it is reliance on pivots and a reversal once pivot highs are taken out.
All the best!
Saint