‍☠️ Jolly Roger Analysis Jolly Roger Signals Bay

Sive Morten

Special Consultant to the FPA
Messages
13,394
Firstly the stop loss. I assumed it should be just beyond the top of the grabber candle. But thinking about it later should it not have been just past 0.9060 as the previous high.
Well, I hope Roger could answer better as he was at p-sems. I could tell only what I've got from Joe on his forum. Invalidation point of grabber - its top/bottom for bearish/bullish grabber. Market has to close above/below it to cancel the pattern. Theoretically spike doesn't destroy it. But practical question appears - how to place stop to skip spikes but be on guard for close price. Besides, spikes could be rather strong and outside our risk limits. It means that softer condition of grabber destruction is new top/bottom.

As to the entry I set a sell limit order to enter at a 38% retrace of the grabber candle. Is that in the usual guidelines or am I mixing up Minesweepers.
Entry - yes, as usual - minesweepers, bushes, intraday K-areas, Agreements etc.

For the first one you can see that the price would have to have turned down very sharply to avoid crossing the red line but in the second, because the angle is shallower it was more likely to bounce off.
Yes, important nuance Mike. Also it makes sense the direction of the grabber. If it stands in agreement with major tendency it has more chances to succeed. Grabbers in opposite direction work with less degree of success.
 
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