DislikedNice trading matmomo Question for you and Joshua... How would you define a 123? Until a new leg is formed breaking previous structure? Look at my attached image, light blue line. As per your 123, there was another possibility right before yours. Green triangles for your reference. Why you didn't consider that? As per entering at point 3, you never know is a 3 until 2 is broken. How do you aid this to enter on 3? You find more helpful to embed Heiken Ashi to renko? Best {quote} {image}Ignored
For this trade, my decision was made on the 10 pip chart with the entry taken on the 5 pip. The pattern that was formed here is very repetitive, you can see this if you just go back in your chart. After seeing this on 10, went to 5 to confirm and find an entry.
At first, i was looking at this and posted here that it looked like a Divergence back into trend for a long. Then it halted at the trendline, that got me to pay more attention to the 10 pip MACD, dropping below 0 and retesting it.
So how do we know if something is a 123 or not? When I see a potential trade, i build two scenarios in my mind and then a case for each...then pick the most likely one. If i think there is a strong case for one scenario, i take the trade. If its 50/50, i pass the trade but take screenshots of the situation so i can study afterwards and see if i missed something. I hope this answers your question.
Best, Josh
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