3 bar play question

[troyn1080 0]

Hello all!

 

So I've been trading the ABCD strategy for about 4 months now. I have a good success rate with it, and this will most likely be the strategy I go live with. I have a few questions for other people who trade this strategy as well.

 

1. For the 3 bar play ABCD strategy, does this work on the 1 minute chart, or is to inconsistent? I usually trade this pattern on the 5 minute and it works really well. But in the early stages of the market open, this pattern shows itself often on the 1 minute. 

2. Where do you usually put your stop loss for the 3 bar play? I find this part difficult, because you have to have made a huge candle for it to be a 3 bar, which means it should be separated from the 9 EMA. If I put my stop loss above the 9 EMA, it is very wide and I don't get many shares, but if I put it above the doji, I run the risk of it pushing up the the 9 EMA and stopping me out. Any comments about this would be extremely helpful.

 

Thanks everyone!

Troy