Dislikedhi TS, i am new to this,but i want to your post#179 what do you mean by new daily low?....is it P did not cross D1 open so we switch from buying to selling,if set-ups desirable until P gets to or near the previous day's low.....which is far enough from D1 open ,when we expect a possible reversal and enter long if set-up right.... ....or previous day's low ?...and we abort trading till then... thanks in advance ,Ignored
New daily low is when the price makes a lower low for the current day. Let's say the current daily low is 1.5500. When price hits 1.5499 or lower, a new daily low has been made. Is that clear? D1 open and previous day's low are not taken into consideration in the method used.
A bar makes a NEW DAILY high and closes. Next bar fails to make a higher high and reverses. Sell when price drops below the open price of the current bar.
A bar makes a NEW DAILY low and closes. Next bar fails to make a lower low and reverses. Buy when price rises above the open price of the current bar.
That should clear things up. Thank you for the questions, vratnica.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade