Potential Setups

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RicG
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Postby RicG » Tue Oct 22, 2013 1:42 pm

6e broke to new structure highs. Setup invalidated.






RicG wrote:Still don't have any potential setups on the contracts I normally trade (CL, NQ, YM), but found one on 6e. I won't take this one if it triggers, but will track it just to see what happens.


(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



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Postby RicG » Tue Oct 22, 2013 3:32 pm

Potential setup on the NQ.

(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



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[quote="RicG"]6e broke to new structure highs. Setup invalidated.

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Postby RicG » Tue Oct 22, 2013 5:51 pm

Possible CL setup

(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



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Postby RicG » Tue Oct 22, 2013 10:53 pm

CL broke the fib zone that needed to hold in order for the pattern to remain intact. Trade setup invalidated.


RicG wrote:Possible CL setup

(Disclaimer - these posts are for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



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Postby RicG » Wed Oct 23, 2013 9:21 pm

NQ trade setup posted yesterday triggered this morning. Entered on a wick at 30.25 (blue line). Price spent the next couple of hours using that area as a fulcrum consolidating in a fairly wide range. Decided to reduce risk when price moved up to price structure (previous support that could've become significant resistance). So I exited half of my position at 34.50. Then late this afternoon price started moving in my favor. However, time became a factor and I closed out the balance right before market close at 42.00.

Not a great trade, but still profitable for a total of 32.00 points

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Postby RicG » Thu Oct 24, 2013 8:52 pm

An update to yesterday's NQ trade. As mentioned in the last post, I exited the trade right before close for +32.00 points, since I don't like to hold overnight. But I wanted to share how accurate and precise these Harmonic Pattern setups are, including both entry and profit targets.

Today the NQ continued up and hit Targets 2, 3, and 4. Notice how price hit Target 2 multiple times with that area acting as resistance. The targets are determined by the Harmonic Pattern, and they tend to be very accurate in getting maximum profits. Targets 3 and 4 were hit right at close with no problem (due to positive earnings released).

Based on the setup rules, this trade netted as follows:
Target 1, plus 13.50 points
Target 2, plus 28.50 points
Target 3, plus 36.50 points
Target 4, plus 43.50 points

Total, plus 122.00 points.

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(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)






RicG wrote:NQ trade setup posted yesterday triggered this morning. Entered on a wick at 30.25 (blue line). Price spent the next couple of hours using that area as a fulcrum consolidating in a fairly wide range. Decided to reduce risk when price moved up to price structure (previous support that could've become significant resistance). So I exited half of my position at 34.50. Then late this afternoon price started moving in my favor. However, time became a factor and I closed out the balance right before market close at 42.00.

Not a great trade, but still profitable for a total of 32.00 points

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Last edited by RicG on Thu Oct 24, 2013 9:12 pm, edited 1 time in total.

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Re: Potential Setups

Postby RicG » Thu Oct 24, 2013 9:07 pm

The CL trade setup posted last Friday completed by hitting Profit Targets 3 and 4 on Monday. I exited right before close Friday because I don't hold overnight. My actual profit was 316 ticks.

However, the setup netted the following, if holding overnight to completion:
Target 1, plus 46 ticks
Target 2, plus 90 ticks
Target 3, plus 116 ticks
Target 4, plus 133 ticks

Total, plus 385 ticks

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(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)



RicG wrote:Closed out positions 3 and 4 at Profit Target 2 because the Pit was about to close, volume usually dries up, and I don't hold overnight.

Summary:

Position 1, Plus 46 ticks
Position 2, Plus 90 ticks
Position 3, Plus 90 ticks
Position 4, Plus 90 ticks

Total: Plus 316 ticks





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RicG wrote:CL trade - 2nd Profit Target attained.

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RicG wrote:CL traded triggered. Profit Target 1 attained.

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RicG wrote:Image

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Postby RicG » Thu Oct 24, 2013 9:44 pm

Potential YM trade setup.

(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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Postby RicG » Fri Oct 25, 2013 8:16 pm

YM broke to new structure highs. Setup invalidated




RicG wrote:Potential YM trade setup.

(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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RicG
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Postby RicG » Fri Oct 25, 2013 8:31 pm

Possible setup on 6e. I don't trade it, but will track it here to see what happens:

(Disclaimer - This post is for educational purposes only. Always consult a licensed investment professional before taking any trade. Any trade you take is at your own risk.)

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