DislikedWhen we are in a possible turning point (use the recent GBP/USD as an example) we watch for a new series of higher highs and higher lows (in a down trend). It is my current understanding that we want to see a close above the close of the second last meaningful swing low (May 7) which happens convincingly on the 23 of June. Then we look for a higher low to be above the close of the second last meaningful swing low which for me happens convincingly on July 1st.
Your interpretation gets you into the trend change way too late!
My understanding of trend change is show below:
A Long or Bullish Bias Change occurs when the following sequence develops:
The bias change is confirmed when price moves above the last higher high made as highlighted (blue line) on the chart.
However, I do not wait for the blue line but put buy stops above the pullback candles from the last HH. This would get me into the trade on the break of the 3rd. candle backwards from the end.
As usual, Strat entered the GBPUSD trade even earlier using advanced strategies.