Hello everyone,
When I scan for VWB set ups, I usually find myself with concept 1 (30 and 47 pips from open) going against concept 3 (50% retracement if daily range>60).
Let's say we are hugging the lower extreme fib band and we're looking to enter long. Alright now, concept 1 advocates that once the price has moved south a significant amount of pips (30 and 47) since the open, it's rather unlikely we will see a reversal day. In the other hand, concept 3 needs a larger-than-60-pips daily range, the larger the better, to make the 50% level breakout significant.
The problem is that if order to hit a larger-than-60-pips daily range, we are likely to pass beyond the 30 or even 47 pips to the down side, so one concept anuls the other.
Any feedback?
When I scan for VWB set ups, I usually find myself with concept 1 (30 and 47 pips from open) going against concept 3 (50% retracement if daily range>60).
Let's say we are hugging the lower extreme fib band and we're looking to enter long. Alright now, concept 1 advocates that once the price has moved south a significant amount of pips (30 and 47) since the open, it's rather unlikely we will see a reversal day. In the other hand, concept 3 needs a larger-than-60-pips daily range, the larger the better, to make the 50% level breakout significant.
The problem is that if order to hit a larger-than-60-pips daily range, we are likely to pass beyond the 30 or even 47 pips to the down side, so one concept anuls the other.
Any feedback?