Even on a holiday 'IB' break still works. Played the 10:00am H4 retracement & target IB low @NQStats@ProbableChris. Requesting another payout from @Topstep
Silver and gold have been on a ripper, while large banks and funds were short on paper on the way up. This huge drop, worth trillions across the two, was bought back up, also worth trillions, before further downside started. Looks like big players got bailed out of their shorts…. Thoughts?
Here’s another entry system that works. Dotted line is premarket low solid line is previous day level with the 8 EMA on the 3 minute chart. Wait for a break and close below the dotted line then a retest of the 8EMA get short to PDL. Follow @EllyDtrades for more on this.
Think about it as OHLC on a down close candle. At that time, 1st quarter 8-10am created a high, I am anticipating a low will be created as we go through the synthetic 8-4pm candle. This is my thought process while framing the trade. I use the @NQStats as my guide on framing a trade idea. I am explaining what my thought process is during that trade. That is why my bias is breaking the IB low and eventually pRTH low.
Rinse & Repeat. IB break low delivered. Took multiple tries, stop loss getting hit but bias stayed the same. Retracing to the most recent down leg, 40-60% on H4 bar. This trade complete my 5th winning day & 3rd payout request from @Topstep@NQStats@ProbableChris
@dancastle22@TradezKk@NQStats thanks, pRTH makes sense. However, still can’t understand the what do you mean by the noon curve reference (I do understand the concept behind noon curve just not in this IB trade reference)
@dancastle22@TradezKk@NQStats Thanks a lot for the explanation! could u please clarify the shape of the high? Regarding pRTH, do you expect one of high/low to hit?
@TradezKk Just looking at the higher time frame really. H4 down close bar (6-10am). 10am candle retraced 40-60% of previous candle, the shape of how the high formed and created a low prior to the pivot (noon curve), pRTH not being hit yet. All of these are learned from @NQStats
@h29sharm Here’s an ema example 8/21 ema. Sweep lows no close below failure go lower. Break of structure and ema crossover and retest of previous high and ema tap and off to 7am open.
Took 1 trade, open was so strong missed most of the am retrace and traded the open to the previous day high for 50 points. I NEVER click buy at open but there were too many confluences in momentum for me not to try it today.
@Mc5calpAfee thanks a lot!! I have this issue of finding good entries. For eg, today I tried longing earlier for the 7am retracement and had to close because my stop got hit. Price eventually ended up going to the target. Do you have any suggestions to mitigate this?
@h29sharm You can use the 8ema and vwap.
3m break above the 2 lowest red candles, (order block/cisd/whatever you want to call it) candle closes above and at 8ema, enter tp 1 vwap, tp 2 7am open, tp 3 previous day high and tp 4 was the 830 level which is a weekly that was a few weeks ago.
@Mc5calpAfee what would have been your entry strategy for 7am continuation long? btw this is the most amazing stat that i have seen. Thanks for putting that out there
My car wouldn’t start this am so dealing with that and I missed the prettiest 100 point 7am retracement long and continuation to a previous weekly high level I’ve waited to get hit all week. Hopped on at open and took a quick trade but nothing crazy. Orb was great too. Maaan…
@Mc5calpAfee Got it! thanks. Do you use stats to know when the price will reverse to 7am open? Also, could u please give an example of how these engulfing candles look like
Lookin weak I think we see 414 (yesterdays rth low), 324 previous day low, and possibly 193.5 the next daily level. News at 10 and I don’t the risk to reward for anything so personally just observing done trading today
Engulfing candles at key levels for entries are my favorite for entry, and then if it retests the candle it engulfed’s wick that is an additional entry point or first entry point depending on the risk for the trade.
Expecting an IB high break. All points to it as well (prth,rth,aln) all in sync. Too bad @Topstep platform is down. Oh well, there will be more. Happy thanksgiving all!