Monday, the first bar was to the long side, but within a few minutes it took out the low of the first bar, just enough to stop ya out and then did a moon launch...dang it.
Tuesday, the first bar was to the short side, just enough to get you short and proceeded to blow you out of the water by reversing in your face....dang it.
So what can you do, without using 17 more indicators to filter out your setup? Well, Olemickey, shared in TradersHaven on Hotcomm.com relay7 several times that he likes to take the first 3 bars and apply the same rules for his first trade. So after watching this suggestion for months in real time. I have included it into my trading plan and it's simple. If the first bar trade fails, I take the 3 bar setup and so far it has proven to be a nice winning trade setup. Both Monday and Tuesday this trading plan worked like magic, first bar trade had a loss but I got it back plus profits on the 3 bar trade.
You might want to take a look at this idea.
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2 comments:
I really enjoy your blog Dennis, keep up the good work.
Where does OLM hang out these days? It's been a long time since I have seen him on Tradershaven.
This trade is old news, I remember seeing it in a hotcomm room that I have been banned from. I think they called it the OBT3 - Opening Bar Trade - 3 minute setup. :)
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