My GJ trade was a loser. The obvious weakness of all other GBP pairs should have been a warning. On the weekend I usually do a more thorough analysis of my trades. Will probably post the analysis of this trade here. Week 3 No trades Week 4 2 trades ...

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You are 100 % right. Entry for longs is always the top of the base, SL is always below (for shorts vice versa).

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Hi fotolia, yes, you are correct. This would be an LBL. Not the best in the world but nonetheless. You also got the entry correct. Very nice!

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Hi inner, alright I'm currently short on time but I will update the first post in the next few days and add a little more detail. Hi TC, to be honest: I have no idea. I started to mess around with this idea a few years ago and have developed it ...

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I just cancelled my GBPCHF trade as I did not like the look and feel of it. Maybe I will have time the next few days to present my analysis here. Instead I put a pending ordern on GBPJPY @150.60 with SL @151.96.

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Hi inner21, sorry, I don't understand. Are you asking for some guidelines on the entry and exit rules?

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image Another thing I usually do is zoom into the LBL formation and look out for big moves in price (see marked areas on the chart). That's where price often finds support/resistance and where big turn-arounds happen. This is a good place for ...

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image Next trade on the GC again. This one is trickier. On first sight it looks like it has a stronger 2nd leg but that is only in the short term. Looking at the whole picture the 2nd leg didn't get too far before turning around again. We'll see...

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The trade I put in place a few days ago got activated and took right off. I had a very tight TS of 20 pips because of the former demand now turned supply that built on the upside (circles on 2nd chart). The trade got stopped out at +65 pips. image ...

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image A beautiful thing about the LBL pattern is that it also works in the opposite direction. Once price breaks through the base, what was demand before turns into supply. And vice versa. The LBL on the chart above presented itself with two ...

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image To be honest, I'm not too enthusiastic about this level. It somehow doesn't feel right but I can't put my finger on it. I'll trade it anyway since it is within my set of rules. Assessing the 1st and 2nd leg isn't too easy with this one. But ...

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Hi despacito7, you're partly right: the 2nd leg doesn't surpass the 1st leg very much. However, count the candles that make up the 1st and the 2nd leg. Huge difference, right? Another argument for the trade was that price was already nibbling away ...

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Closed GBPCHF a bit early @1.30683 for +55 pips. Done for the week. Week 1 recap TOTAL = +60,8 pips Week 2 recap TOTAL = +78,1 pips Lost ~60 pips on a trade that was against the rules. Have a nice weekend everybody.

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Hello kprsa, thanks for your comment. The thing with these simple patterns is that you can implement them into pretty much every trading system and thereby stack the odds in your favor. I personally found it very liberating to get rid of all ...

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Hi Nbr42, it's pretty simple: I watch ~6 pairs one the daily, 4h and hourly chart. I look out for those LBL patterns which are rather easy to spot. If you have any further questions let me know.

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image Trade worked out as planned. Unfortunately I forgot to set my TP @1.30780. Only had a TS which wasn't activated as my computer was shut off. SL now @1.31105 (~+13 pips). Maybe it will fall down to the 1.3050 area. What gave me confidence in ...

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image LBL with a gap which is very nice. Downside is that price hit some serious support yesterday and may have some momentum.

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image Closed [email protected] for +56 pips. Origins and end points of big price movements like the one I marked on the chart can be a nice way to determine S/R and hence TP, SL and levels to lock in your profits (see post #5).

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Update: UJ stopped out at +25 pips. EJ still running.

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image Another trade that I just entered. 2nd leg stronger than the 1st leg. EJ from last post got activated and just hit my trailing stop limit (@+40pips). SL@BE now.

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