Power Play Set Ups - Critique my charts please! :)

#1

I did some market replay this weekend and I feel like it would be to much to post in the Elite Room plus it would probably be good as more examples for other newbies like me. I can’t wait for the mentorship program so I can bug the heck out of my mentor with charts!

I do OTM binaries with the PP system. I make sure I have a 1:1 risk/reward ratio.

A. PP3 HD This was a losing trade and I’m not sure if I missed something or if it was just a losing trade…It went into chop after and then shot down.

B. The market was in chop and a Power Sling formed. Can I take a Power Sling or Power Elevator in chop or should I wait until chop is broken?

C. I thought this would be a perfect PP4 trade, but as you can see it went the other way. It doesn’t look like a fake break to me. There was even exceeding volume.

D. Would this be a Power Sling? I know the wick looks small because of the picture but it was 3-4 ticks. It looks like the bottom of the bar just touched the swing level. Should there be more of the body going through the level or is it fine as long as it is touching?

E. PP3. Everything look alright?

F. Power X. Is the low/high of yesterday ok to use as an important level?

E. Power Sling. Does it make it an even better trade because it is also going through settlement?

Thank you!

#2

Hey Shannon

Here is my unprofessional critique. Hope it helps!

A. Yes, this appears to be a PP3 and yes it did not work out well, but I cant tell exactly were you entered and were your stop was. If your stop was above the swing high, you would have caught a few ticks to the down side. Maybe enough to move stop to BE?..Anyway yes it was technically a PP3, but the VAD was only just SLIGHTLY higher. I think you want to see A LOT MORE VAD on the retrace. This could be why it chopped around after your entry.

B. The issue here is that this is technically not a Power Sling because its technically not a sling. As per the SEES Sling rules you must be in a trend, meaning you must have at least a couple bars in the same direction before considering a sling. As stated in the forum post on slings…“To be considered a trend, there must be at least 2 bars before the sling bar closing in the same direction as the sling bar”. The same rule applies to an elevator as well.

C. Its funny, I just replayed this day myself yesterday and took the same trade and was stopped out. I guess this was just a losing PP4. However I have found that the best PP4 is when you have a cluster on the breakout bar (making a power sling). Those seem to work every time!

D. This is a tough one, I have the same question. I am not sure if that would be considered a PS. I would say however, If it had a MM then I would be much more inclined to enter on that PS.

E. This looks like a better PP3 then the first one. You see how larger VAD is compared to last pullback. Did it end up pulling up?

G. I think this is a great PS since the cluster was above the swing and settlement. It also touched back to settlement. Truth is I dont know if Settlement makes it “better” but it was a good setup!

I hope this helps you and doesn’t confuse you at all. Again, let me stress that I am learning these Power Plays along side of you. So I have not quite mastered them yet.

Good Luck

-Ben