Quoting deltaworldDislikedI have a query regarding mouteki trading that has been bothering me for a while.
I have produced an animated gif of EUR/CAD to represent the dilemma that I am in.
In the frame 1 of the EUR/CAD I have the resistance line being broken by the 4H 16:00 candle as presented. At 20:00 the candle opens above the resistance line, signalling a BUY for the EUR/CAD.
The dilemma that I have is: if you look at frame 2.. Resistance Point 1 is now at a different location which therefore that same candle [4H 20:00] is now below the resistance line and is NOT a BUY signal.
I do recall that Mouteki mentioned that he constantly redraws the support and resistance lines to determine the signals, so does this mean that frame 1 of the graph is incorrect.
Your help would be much appreciated.
Regards
deltaworldIgnored
Now I guess I'm confused! I dont see the "qualifying" subsequent bars (lower highs) on your second frame. It was my understanding that the TL in the first frame would still hold?
HeavyJ
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