I am finding it very difficult to understand the entry that the rule requires, so let me say what I do understand.
Bar 1 makes a new H/L--- no problem
Bar 2 fails to make a new H/L--- also no problem
So we are now at bar 3, which opens and moves off in one direction or another, let s say we are looking to go long, and price has gone long from the open, how am I going to trade that unless it retraces, which it may or may not do, and how long do I leave my limit order waiting in case it does retrace, or is it verboten to place a limit order in that situation? Is that just a trade that never happens in spite of the favourable setup? I understand that price often does retrace a bit from the open in which case their is an opportunity to place on order.
It would appear that there is no trade unless there is some retrace of bar 3 to allow the placing of the order to be picked up when price goes in the desired direction?
I find your charts difficult to see where you are saying your order was placed, and where the heck do I find that template, please someone inbox me.
Bar 1 makes a new H/L--- no problem
Bar 2 fails to make a new H/L--- also no problem
So we are now at bar 3, which opens and moves off in one direction or another, let s say we are looking to go long, and price has gone long from the open, how am I going to trade that unless it retraces, which it may or may not do, and how long do I leave my limit order waiting in case it does retrace, or is it verboten to place a limit order in that situation? Is that just a trade that never happens in spite of the favourable setup? I understand that price often does retrace a bit from the open in which case their is an opportunity to place on order.
It would appear that there is no trade unless there is some retrace of bar 3 to allow the placing of the order to be picked up when price goes in the desired direction?
I find your charts difficult to see where you are saying your order was placed, and where the heck do I find that template, please someone inbox me.