DislikedThat's a valid point. Price very often hits the same level twice (or more) only to bounce off. Just look at any decent consolidation. In those situations, we would have a trigger every single time because the high/low is invariably higher/lower (as the case may be) than the average or median. What if we were to approach this with a little more caution?
Eg.. Find your peak/valley. If it's a peak, find the High that corresponds to that peak. Only enter when price exceeds that High by a certain amount of pips. Where it's a valley, find the Low that corresponds to that valley. Enter short if price has gone a certain number of pips below that low. To illustrate it, you can use a standard candle chart (for your highs/lows) and plot an SMA with a period 1 and method "median" to help you find those peaks and valleys. Yes, we'd lose some pips but we woulnd't be getting caught out on every single range.....
Just my 1.5 pips
Lighty
ps. I even have an idea for some names. What if we were to call those Peaks "Resistance" and those Valleys "Support"?Ignored
Or if you use MT4, it gives you the high and low for each candle even on a line chart.
Chris