The original idea behind the thread, a fantastic trader said to me that the very first retracement is your best trade. The first higher low/lower high.
Trading is your battle between trend and support and resistance. You can never go wrong with a higher time period analysis to see SR levels.
The most recent HL/LH version is as near a 5 minute standalone system as I'd love to get to (with obvious reference to SR levels).
OK so current setup focus on GU and GJ, 5 minute 15lwma, 3 pub reversal indi with 9 9 1 stoch filter. GU and GJ to agree (both on same side of the lwma). Same setup with EJ and EU to agree. Of course when the yens are doing their own thing EJ and to agree. Looking to go into the HL/LH's in and around the 15lwma, either a HL/LH that crosses the lwma or after price crossed the first HL/LH which follows.
The three pub reversal indior (link https://www.cliqforex.com/general-fo...-hasegawa.html) was composed to help indie these reversals. It'll alert with a knob down whenever the sign candle has closed under the previous two candle sticks (among the two prior has to be a positive close). It'll alert with up an arrow whenever the sign candle has closed above the previous two candle sticks (among the two prior has to be a drawback close). The arrow is placed above/below the candle which follows the sign candle. So its strictly based on price action and by the aforementioned definition ching an initial turn and then resumption of trend transfer as one of the candles must have shut contrary to the management of your trade.
Below is your 123 reversal when the price fails to create a lower low or higher high
1. Trend line busted (I don't use TL's)
2. Lower high within an uptrend, or a higher low in a downtrend.
3. Break under the previous low in an uptrend, or above the previous high in a downtrend
At stage 3 that the reversal is supported and everybody#8217;s brother is getting in. A stop run frequently follows to re-test the penetration at stage 3. Faster traders can get short at the X.
Attached Images
Attached Images
Typically we enjoy candles with little/no wick at the direction of this trade. Stops: Measure swing high/low. Exits: Up to you. On GJ when LO has a move in 1 direction then the path that is reverse ought to have a solid move. 50 pips on GJ common to SR loions, target pivots and 50/100 levels.
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