The Famous Pattern - The M15 Setup 1

[Nikita]

Can you please give some more details.
If i get thes right - if Famous didnt workout within a day (or with LO), we should forget about it.

I didnt get a pullback theory, can you enlight it?

Thank you in advance!

Tomi, thank you for you comment.
I m following next rules:
1:1 - move sl to 1/2 of initial SL
1:2 - BE (or if it move very fast - 5 concequtive candles).
1:3 - TP.

I m not trailing h1 levels.

[Nikita]

Sam, i was asking about the duration of the trade. I ve figured out how does Famous looks like, but how to manage it properly - it s still a question.

[immy]

Sam, i was asking about the duration of the trade. I ve figured out how does Famous looks like, but how to manage it properly - it s still a question.

FAMOUS IS TAKEN ON M15: you're taking trades on h1. if you take it on h1 its NOT famous, as per the pattern definition. but if you do take it on h1 then manage it on h1. Use 5 candle trail, use green line, use aims box. any of the options. use 1:2 target point etc.

[immy]

A Concept that we should have spotted ages ago but its never too late.

Often at the tend of Famous is a Reversal Fruit ! Think about it Sammy! Look AT GU today.

[immy]

A famous setup happened on GU todya. I had my eye on it last night. The thing about famous is that its famous. you know this setup will happen tomorrow after watching price action on h1 today. how good is that?

[immy]

The D1 Alternative to Famous Setup

I have found a candle pattern that works exactly the same as the Famous Pattern. So those who work full time can Set and forget their entries and be able to monitor as many charts as possible. still great 2:1 trades possible with a good above 50% win rate. Patience and Practice required.

its what we call the Bearish/Bullish Outside Bar. It looks exactly like a Fruit Bar. e.g. EUR/USD YD. A BuOB (Bullish Outside Bar). I'll use Fruit template here. but really all we focus on for now, is focus on this bar marked in this picture.

The BuOB occurred as a result of FOMC news. It had momentum. You'd look at your chart at the end of the day and put a PO above the high of the D1 bar. Then Set 30 or 50 pips Target. if its 50, use 25pips for BE and 25 as SL. You can even use 50 as SL. Or use the range of the signla bar and put SL in the middle. Most good ones will not look back and hit the TP straight away.

For those available during intra day, they can manage it differently and perhaps make more profits such as taking half off at 1:1 and letting the rest run on h4 or h1.

The Famous on D1.png

The Famous on D1 2.png

The Famous on D1 3 Target point.png

The Famous on D1 3 Target point h1.png

[immy]

The Famous BeOB that turns into a Classic Breakout... the Choice is yours, you either take the BeOB or you can take the Setup 1 breakout.

Following is an AUD/USD chart with a strong BeOB Fruit. Its bounced off Resistance and its a strong signal that prices will go down the next day. however it does not trigger immediately and instead create a Seed ie. an inside bar. and guess what an inside bar produces on the lower time frame? oh yes... A Setup 1. Great Bar Formation revelations. Naked Trading PA guys have something going their way. oh well... awesome stuff

AU BeOB Fruit.png

AU BeOB Fruit H1.png

[immy]

The Famous on Swissy...
It could have been traded on the H1 chart ... as below

swissy h1 famous.png

or if you had to go to work. you could have traded it on d1 chart like so ...

swissy D1 famous fruit.png

[immy]

how to choose your signals.
you want the bars that offer space to the left. It should not be near aims box levels to the left. It should have enough space to hit a 1:1 to 1;2 target area.

[immy]

GU Famous Setup ... (i did not take this as M15 famous, but I saw it on H1, took it below D1 lows)