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is this forum dead? 9 months 1 week ago #109

  • nemrod
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it seems to be dead, but i'll ask my question anyway. I haven't found the answer to this in TLOC or TTE ebooks, on the forum or in Joe's newsletters, even though the question seems pretty basic...
So let's say there's an uptrend and the Ross Hook has formed. We go long using the TTE with the intention to take some profits near the point of the hook. Before the price reaches our TP, the 1-2-3 high forms, as in the picture. What do we do? When the low of nr 3 bar gets violated we could go short using the TTE with "take profit" set near the low of nr 2 bar. But we just opened a long position a few bars ago...
1) should we close our long trade and open a short trade once the low of the bar nr 3 gets violated?
2) should we stay long and ignore the violation of the low of nr 3 bar, still hoping the price will reach the point of the hook and sticking with our initial stop loss and take profit targets?
3) should we close our long and refrain from opening a short trade?
Sorry for this silly question and thanks in advance for any replies.
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is this forum dead? 9 months 1 week ago #110

  • marco
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Hi Nemrod,

Well yes the forum is let's say in a coma. So we're still watching what's happening but hardly anyone uses it anymore. So whenever you have a question, go ahead and ask it. Usually someone will reply within 1-2 days. That way the forum might come back to live again in the future :)

Regarding your question, I'd go for 1). The reason is that if that 123-high TTE does get triggered, I'd consider the open long trade no longer valid. What you're looking for trading a RH TTE is for strong momentum after the entry, so you want to see prices moving quickly towards the RH. If that doesn't happen, you want to get out of the trade. Other traders will want or have to do the same which is why 123s work. Those who're looking for another swing to the upside will be disappointed once momentum to the upside is lost and prices failed to take out the RH. So reversing the position is the right thing to do.

Happy Trading!

Marco
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is this forum dead? 9 months 1 week ago #111

  • nemrod
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thank you for your reply, Marco. I don't want to take up too much of your time, but I have one more question, if you don't mind... Look at the chart below. Prices were trending down and formed a Ross Hook. After the low of the bar marked "x" was violated, we could be going short, as there is sufficient room between the low of the bar "x" and the point of the Ross Hook to make some profit. However, after the bar "x" formed, the prices technically entered a consolidation, since four consecutive bars have closed or opened within the range of the measuring bar (marked "MB"). Moreover, after the high of the bar nr 3 was violated, prices formed a 1-2-3 low pattern with sufficient room between the high of nr 3 bar and the high of nr 2 bar to justify going long using TTE. Should we:
1) Go short after the violation of the low of the bar marked "x" and stay in our position?
2) Go short after the violation of the low of the bar marked "x" and then reverse our position after violation of the high of bar nr 3?
3) Decide that since 4 consecutive bars opened or closed within the range of the measuring bar, we're in consolidation and ignore both long and short setups?
Thanks again for your help.

Last Edit: 9 months 1 week ago by nemrod.
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is this forum dead? 9 months 1 week ago #112

  • marco
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I'd either go with 3) if that's one of the filters you've found to be effective in this market/timeframe and take none of the trades or again reverse the trade on the 123 low TTE.
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is this forum dead? 7 months 2 weeks ago #117

  • jean1975
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IMHO the market is still in an uptrend. I will go short only if the trendline is violated
Last Edit: 7 months 2 weeks ago by jean1975. Reason: .
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is this forum dead? 7 months 2 weeks ago #118

  • jean1975
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In this specific case the market is in a downtrend. I will go long only if the trendline is violated.

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