Regarding my post above I thought I'd post a chart to make it clearer.
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DislikedMike,
Quick question about the GBPCAD from yesterday. I see on the daily that it's a lovely I4B with a fakeout the following bar that doesn't close above the I4B. That shows a great push up to get the strength to drop lower. All very clear.
But on the 4H I see a couple of closes above the consolidation box. Overall on the daily we couldn't close above, but according to your method you look on the 4H for a close above the consolidation and surely that would have taken you long in this instance?
Thanks for the help.Ignored
DislikedGreat Mike, thanks.
I'll post my backtest results here after my project this weekend. Going to start on the USDCHF. 5 years of I4Bs. And then work my way through the majors.
Edited to add: Can I ask another question about the GCAD? When you saw the bearish pin/OB the next day would you enteron the break of the I4B south or simply at the close of the pin?Ignored
DislikedYes sir. I notice the fake breaks all the time IF you are only looking at one time frame. Say you are trading on the daily and see a break, switch down to the four hour and you'll notice a LOT that it will show as a pin or or bearish/bullish bar after that initial break. I believe these bars break to one side in order to gain momentum to break through the other side...Ignored
DislikedOk, mike w,
just to clarify, & for the benefit of other readers (to avoid confusion)...
i've kept seeing the word I4B here.
are we into (any) IB's or strictly I4B's?
Thanks Sir!Ignored
DislikedI4Bs, although...
and that showing my testing is kind of a waste?...
. We'll see and if anyone needs, I'll gladly post up examples whenever.Ignored