I don't have any specific names for the sub-groups... Such is not needed and I keep them in a big binder folder with their dvd live-recordings... They are organized by their price action that occurs prior to the White Hammer Line. However, as you noted...there's a price action that doesn't involve a dark WRB and one that does... Telling you that's two different sub-groups Thus, don't worry about the other sub-groups because I will not discuss them in this thread other than the fact if someone post their own chart of one of the other sub-groups... I'll respond by saying something like... Its a valid pattern but not one of the sub-groups I'm discussing in this thread. However, go back to that message post where I categorized the ones that I am talking about... http://www.elitetrader.com/vb/showthread.php?s=&threadid=52880&perpage=1&pagenumber=72 All my chart examples will correlate to those charts and any other charts I will post in this thread. Your other question is already answered in my earlier replies today to FT71 and you about the difference in my pattern signal and my entry signal. Therefore, my entry signal is not the take out of the Hammer high. You may have gotten confused about me saying its a method used by others I know and those particular traders talked about such in that old Tradin Hammers thread. NihabaAshi
Alrite. 1) Were these two subgroups picked by you for description because they're most reliable? 2) What is your entry method?
http://www.elitetrader.com/vb/attachment.php?s=&postid=820588 Yes...perfect. Also, in your chart example above...you commented about the small WRBs. Its the reason why I know some traders that use WRB analysis that don't like the number 3 that I use. They will use a higher number requirement. Thus, use whatever number you like but I don't recommend using anything below the number three. Answer 1: They are very reliable and they aren't the most reliable ones. If your wondering why I selected these particular ones to discuss... It's because they are the easiest ones to understand out of the ones that are reliable. Answer 2: I have replied to your question before and to FT71 but you have asked it again. That tells me you either don't understand what I've said about my Entry Signal today or that your asking a completely different question. Thus, I'm going to assume I'm getting confused with the words Enty Signal and Entry Method. Therefore, you must be talking about my order execution and not talking about the Entry Signal stuff I've discussed a few times today so far ??? NihabaAshi
Sunnyskies, Are you going to post chart examples of your particular type of Hammer pattern that you trade ??? I know your not new to Hammer pattern analysis because I remember you said once here at ET (last year) that you have a reliable Hammer pattern (80%). In addition, you participated in the prior Hammer thread that was started by PetaDollar. Regardless, I'm not asking you to reveal any of your rules nor trading plan that deals with your particular Hammer sub-group. I'm asking for chart examples and I'm sure others here would welcome such. In addition, if I have any questions about the Hammer patterns in your charts I'll just pm you those questions to you. If you want...you can send those chart examples to me via pm or email via any method of your choice. NihabaAshi
Well, yes I'm confused. For example I enter when the high of the hammer signal (pattern) is taken out. I don't understand when you enter. Like when you got a hammer that qualifies as the one you want to trade (i think you call that a pattern as opposed to a line), when/how do you actually enter?
OK but the hit rate has since gone down to 75%. And the trade management is very simplistic, meaning there's a stop equal to the range of the hammer and a profit target of the same size. Nothing else, no breakeven, no trailing.
I'm now concentrating on FOREX. And you said that volume is one of the factors that determine whther a line is a valid pattern signal or not. FOREX doesn't really have volume. So do you think this fact would severely hinder the identification of high probability patterns or not?
Hi sunnyskies, What time frame charts do you use in trading hammers in forex? How many trades do you make per day? Thanks