CAD looking like it might form Swing Failure on daily................
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DislikedEURUSD short anyone?
Be interested to hear Tom's input as to whether this level has been washed. My feeling is that no, it hasn't, because the area where it looks like it was washed was due to news about the Greek rescue package.
Tom?
:-)Ignored
DislikedHello wizard,
Did you get an e mail from me regards your webinar?Ignored
DislikedI tend to update my W1 and D1 levels once each week but I never rub all my lines off.
I just go through the chart and update them, looking at the price action of the last week - seeing how it has reacted to the levels I have on the chart and whether new ones have been created by the price structure.
During the week - often in the evenings when I am looking at the market close and planning the next session activity I tend to look at the H1 levels. You might find one that needs to go in or one that has become redundant due to way too much washing....Ignored
DislikedAdilius,
RE: The swing pattern failure.
Here is an example of swing pattern failure that is bullish.
Price makes a swing low at the circled area on the chart.
Price then rallies away from this swing low.
It returns on the day marked by the blue arrow and breaks the swing low intraday but closes above it.
Once you see this, I have found it to be high probability that the next day will be a positive one. From time to time, this can also mark the beginning of a trend reversal.
This pattern would naturally be in reverse for bearish...Ignored
DislikedHey Tom,
I have backtested the SPF on EURUSD daily. Entry on Close. Stop 1 pip below/above the bars low/high. TP at 1R or 2R.
1R TP would give 69% winners
2R TP would give 31% winners
See the trades as per my subjective criteria attached. Maybe someone finds it helpful.
Thanks for the webinars. See you there...
kptIgnored