the pattern continues to build (confirmed when price reached 170.4x...long was taken there - next bar on this char-), look out for this one.
Comments
isomorph
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based on what assumptions? first, WPS1 and fib 61.8% need to hold the downside. if they do, then we have to contend with the most recent TL. if it breaks, then we still need to exit the triangle to the upside, not to mention get a bullish signal on the ichimoku on H4 at the very least. so my question still stands: how do you reach such a conclusion this early in the game? or was it just a gut feeling or what you wish to see happen in future?
LevRidge
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no it's not a gut feeling.it's based on a custom indicator I created. this is a pattern that works all of the time with my counter.. when I see it I put down 8 lots probably... as you can see the moment I posted this the last high gave me a minor high.. so I longed on the next bar 170 free trade for me now with sl of 10 pips above BE. I've yet to see this pattern ever ever fail it's a rinse and repeat of thousands of pips so far.. see my AU chart for the same pattern
machos
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Seems to work well. How do you determine after which minor high or low to go long/short? Could you explain it a bit?
LevRidge
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right after the 6th minor you enter the trade the 6th signals the reversal and I dont have to wait for a buy signal on the 7th minor
machos
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Got it, that makes sense - thanks for clarifying, and when do you take profits
LevRidge
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usually when the last major high is broken, in this case 173, but I move my sl up as we go to secure profits, never know what crazy things can happen.
Just check and my counter is not reporting it as the same but that is a damn good setup for a long imho
isomorph
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i don't think i get it at all. are you actually counting the low/high swings or peaks in a move within a trend channel? but the GJ above, if you look at april 3 10 AM, we get a spike down but no significant reversal up. so if a long wick alone is not sufficient, how do you determine with some kind of high probability were PA is in the cycle of up swing/down swing? if you look at the most recent move up to 173, you'd have gotten ripped to shreds every time you shorted unless of course you dropped down to M5 and just scalp quickly the small pullback into the trend.
furthermore, this high/low peaks in the chart above occur after a double top in place at 173.xx and downtrend. i do believe there is a chance of a retrace up (but not for the same reasons as you) but have no way to tell yet whether it is going to turn into a reversal back to test the double top high. if that reversal doesn't happen, it's going down according to double top classical target projection.
has your approach anything to do with EW? and what happens when the count is not 6 swings, but 4 or 5? is it statistically occurring more than 75% of the time?
i feel like i'm grasping at straws here. please enlighten me. ;)