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Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods
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 Post subject: DOK Chapter 3
PostPosted: Tue Aug 23, 2016 11:06 pm 
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Joined: Thu Aug 18, 2016 2:38 am
Posts: 8
Hi,

Attaches is SPY 1 hour chart.

Bullish engulfment as entry signal for example and WRB HG as profit targets are noted in chart.

Q: In the example I am bullish, and the first WRB that appears is a bearish (Close<Open) interval. Does this count as a profit target?

Cheers


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DOK 3.png
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 Post subject: Re: DOK Chapter 3
PostPosted: Wed Aug 24, 2016 7:27 am 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2799
Location: Canada
bensim wrote:
Hi,

Attaches is SPY 1 hour chart.

Bullish engulfment as entry signal for example and WRB HG as profit targets are noted in chart.

Q: In the example I am bullish, and the first WRB that appears is a bearish (Close<Open) interval. Does this count as a profit target?

Cheers


Hi,

WRB profit targets are only intervals that results as a Close > Open (WRB) if Long.

1) Out of curiosity, is Japanese Candlestick patterns your trade signal strategy ?

I ask because some users have been using Japanese Candlestick patterns when its not their trade signal or they do not understand it. Therefore, make sure your chapter 3 DOKs are via your trade signal strategies that you're actually using. For example, if you're trading wedge patterns or RSI indicator divergence patterns...only post tutorial chapter 3 DOKs via those trade methods and not via methods you're not using.

I'm only saying this because it currently is the biggest problem I see among users of WRB Analysis because the current version only uses one example for chapter 3 instead of many different types of examples. Thus, some users easily mistaken that chapter 3 is about candlestick patterns even though it clearly states its example only and you can use ANY trade method.

The newer version (soon to be released) has more examples for tutorial chapter 3 examples like RSI indicator, flag/wedge patterns, price moving averages and many others. This new version will include my own DOKs here at the forum for tutorial chapter 3 involving me randomly selecting charts posted by others on twitter, stocktwits involving different trade methods to show that WRB Analysis can be used with many different types of trade methods.

2) I notice on your chart a very deep pullback soon after WRB HG pt2 prior to the price action turning upwards to reach a WRB HG pt3. Do you typically hold a position like that and where would you typically have your trailing stop placement ?

I do understand your chart is just an example to show the WRB pt levels.

Regards,
M.A. Perry


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 Post subject: Re: DOK Chapter 3
PostPosted: Thu Aug 25, 2016 3:14 am 
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Joined: Thu Aug 18, 2016 2:38 am
Posts: 8
Hi,

I understand that the Japanese candlesticks patterns are just used as examples and i am using it just for the DOK of PT levels.

Japanese candlestick patterns are part of my strategy but i mainly use it for confirmation of support and resistance. I use breakout pattern most of the time. I attached another chart using breakout strategy as an example of what i normally trade. The chart is footlocker (FL) daily chart.

Typically i would set my profit target below the resistance. And seldom put trailing stop placement, just a stop placement below my support.

Seems like not a very optimized strategy but this is what I am familiar with. That's why I am interest in check out the FVB strategy and probably the advance chapters of WRB and VTR strategies in the future if I can further optimize my trading. :)


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DOK 3a.png
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 Post subject: Re: DOK Chapter 3
PostPosted: Thu Aug 25, 2016 7:10 am 
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Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2799
Location: Canada
Hi,

Interesting that you mention using Japanese Candlestick patterns as a confirmation of support/resistance areas. There's other users of WRB Analysis that does the same. Thus, they're not using Japanese Candlestick patterns as trade signals to enter a trade but instead using them to identify key price areas to watch closely to see if their own proprietary trade methods (signals) will appear.

In addition, I notice some using Japanese Candlestick patterns price areas as profit targets only if/when a WRB pt level occurs nearby. Just as important, other users of WRB Analysis are doing the exact same thing with other methods double bottoms/tops, H & S patterns, FED cycles, breakouts and many other types of well known trade methods.

Therefore, I hope (the purpose of TheStrategyLab) WRB Analysis sparks your own research and development into your own trading systems or a better understanding into my own trading systems.

Regards,
M.A. Perry


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