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.)
Potential Setups
Moderator: moderators
- RicG
- rank: 150+ posts
- Posts: 274
- Joined: Tue Jul 24, 2007 11:44 pm
- Reputation: 8
- Location: Nashville, TN
- Gender:
6e broke to new structure highs. Setup invalidated.
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.
- RicG
- rank: 150+ posts
- Posts: 274
- Joined: Tue Jul 24, 2007 11:44 pm
- Reputation: 8
- Location: Nashville, TN
- Gender:
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.)
- RicG
- rank: 150+ posts
- Posts: 274
- Joined: Tue Jul 24, 2007 11:44 pm
- Reputation: 8
- Location: Nashville, TN
- Gender:
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
Not a great trade, but still profitable for a total of 32.00 points
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.
- RicG
- rank: 150+ posts
- Posts: 274
- Joined: Tue Jul 24, 2007 11:44 pm
- Reputation: 8
- Location: Nashville, TN
- Gender:
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.
(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.)
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.
(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
Last edited by RicG on Thu Oct 24, 2013 9:12 pm, edited 1 time in total.
- RicG
- rank: 150+ posts
- Posts: 274
- Joined: Tue Jul 24, 2007 11:44 pm
- Reputation: 8
- Location: Nashville, TN
- Gender:
Re: Potential Setups
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
(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.)
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
(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 ticksRicG wrote:CL trade - 2nd Profit Target attained.RicG wrote:CL traded triggered. Profit Target 1 attained.RicG wrote:
- RicG
- rank: 150+ posts
- Posts: 274
- Joined: Tue Jul 24, 2007 11:44 pm
- Reputation: 8
- Location: Nashville, TN
- Gender:
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.)
(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.)
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.