Good lesson of incorrect stop-loss placement and immediate correction of such costly mistake many traders make: http://www.cornixforex.com/2012/03/123-reversal-trading-mistake-and-correction/
Tricky price action around the entry into double top pattern and how to deal with it... http://www.cornixforex.com/2012/03/double-top-tricky-price-action/
123 reversal pattern as part of the pullback in a bigger trend: http://www.cornixforex.com/2012/03/123-reversal-with-the-trend/
Some good posts lately Cornix, thanks. In particular the ones that showed some losses or tricky price action sequences. IMO there's a lot more to be learned from those than from the textbook winning trades, so it's nice to see a few of those mixed in.
I didn't trade this one but thought I'd put it up. YM gave a 2B pattern this morning. Have to admit I was a little surprised by the sharp follow through on it.
Nice chart, dv. If you had taken the trade where would you have entered? buystop just above the hammer candle perhaps? thanks.
Thanks, yes I try to show not just the best of the winners, but also tricky trades. Textbook trades are important for one to "imprint" in the mind how a good setup should look like to see them in time, but tricky trades are also important, because everybody knows how to deal with textbook trades once they are taken and it's not always so easy, when markets start to get sneaky.
Very good 2B, particularly good that entry would be far enough from the closest possible resistance (down trendline forming the channel, part of which this 2B is), so that you could make the trade risk-free before that and enjoy the risk-less opportunity.
How did you come up with the mini resistance line? It looks kind of random to me. It seems you place your stops quite close. Meaning the typical place for a stop would be above the prior high, but you seem to always have it tighter than that. Did you come upon this through testing of MAE's or was it some other way?
No, quite objective really. Mini resistance is simply last swing high/low within the current trend on 1-min. That's usually where I place initial stop-loss at, if there are no such levels around, then simply risk whatever seems the most appropriate and stays within boundaries of my acceptable risk (no more than 10 pips usually).