Thanks to @jangseohee who alerted me to the setup.
Self explanatory. The market is in a TR mode. One more leg up is expected. Interestingly, the whole structure is an inverse Head and shoulder pattern.
Im long based on a 2B candlestick signal pattern on the Daily chart. Insane upside potential
Definitions _______________________________________________________________________________________________________________________________________________________________________________ UTL=UpTrendline = A line from the Lowest Low, upward and to the highest minor low point preceding the Highest High so that the line does not pass through prices in between these two points. DTL=DownTrendline = A line from the highest high point downward to the lowest minor high point preceding the lowest low so that the line does not pass through prices in between these two high points. SX/BX =Sell Climax/Buy Climax BO=Breakout BOL=Breakout limit (Determined when price seize to make a new high/low in 5 bars since the last high/low following the initial rally/selloff after TL BO) LH MTR = Lower High Major Trend Reversal = Leg up following the BOL gets close to BX HH MTR=Higher High Major Trend Reversal = Leg up following the BOL exceeds BX LLMTR = Lower Low Major Trend Reversal = Leg down following the BOL exceeds SX HL MTR= Higher Low Major Trend Reversal =Legdown following the BOL only gets close to SX TR = Trading Range (Tradable legs implied) _________________________________________________________________________________________________________________________________________________________________________ The Logic 1. Trend trading until the weight of evidence tells of the absence of the trend. 2. And to trade the potential legs within the trading range, when price finally breaks the trendline, and enters into a tradable trading range, until there's a trading range breakout- continuation or reversal.
Comments
jangseohee
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moorekapital
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Jx Awesome!
IvanLabrie
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Inverse head and shoulders patterns are only valid after an extended decline. I am long mind you, but no IHS there.
thepatternsite.com/hsb.html "Price must have something to reverse"
moorekapital
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It's a good thing that we all see long, @ least. ^_^
Btw, 'inverse Head and shoulder pattern' is not the only thing I talked about. I talked also bout the fact that market is in a TR mode following a defined TL BO. And that one more leg up is expected.
Then bout 'validity' of IHS, lets leave that one to price to prove itself. I often times believe in what I test, and find to be true and hold some statistical edge over time for me. Loads of IHS hav worked this way w/o a preceding over extended decline. Peruse over charts, and you'll find great examples. On this same market, NZDCAD-- study between 2003.04.01 00:00 and 2003.10.21 00:00. You'll find one that happened in an existing uptrend.= IHS as a continuation pattern.
;)
On the whole, lets make dollars. The means is very personal to all ;)
IvanLabrie
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Sure, about making money.
If you find that helps you make money, define a stop and an exit, or simply do it at a whim...if it works, it's ok.
moorekapital
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Mr IvanLabrie, Im not quite sure if you saw my entry and exit, and so, here it is once more. ^_^
moorekapital
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Im long based on a 2B candlestick signal pattern on the Daily chart
moorekapital
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Inverse Head & Shoulder as a CONTINUATION PATTERN.