Dale_Ansel

M & W PATTENS - VERY COMMON DURING "CHOPPY MARKETS"

FX:AUDCAD   Australian Dollar/Canadian Dollar
72 0 8
DURING TIMES OF HIGH VOLATILITY , WHICH CAN PRODUCE QUITE A BIT OF NON-TRENDING CHOP. M AND W PATTERNS CAN BE SEEN QUITE FREQUENTLY, IF YOU KNOW WHAT TO LOOK FOR.

THE FIRST LEG OF THE M OR W IS TYPICALLY A VERY STONG IMPULSE LEG, WITH LITTLE CONSOLIDATION OR PULL-BACKS. ONCE THIS INITIAL LEG ENDS, LOOK FOR A PULL-BACK LEG TO FORM A "V" NOTCH AT THE BOTTOM FOR W PATTERNS AND AT THE TOP FOR M-PATTERNS. THIS IS A VERY NICE INDICATION THAT ONE OF THESE PATTERNS IS ABOUT TO FORM.

I LIKE TO ENTER ONCE THE V-NOTCH HAS FORMED AND THE RE-TEST LEG COMPLETES THE 3RD LEG OF THE PATTERN. ONCE I GET A REVERSAL CONFIRMED BY A HEIKIN ASHI CANDLE COLOR CHANGE, I'LL ENTER THE TRADE. STOP LOSS GOES JUST ABOVE OR BELOW THE SWING HIGH/LOW OF THE RE-TEST LEG.

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