Hi BRV or Ironman,
Forgive the simplicty of these questions. I hope no one assumes that it is a question of laziness on my part, it is more a desire to fully understand the method and terminology used.
In the following example which BRV used earlier:
http://i46.photobucket.com/albums/f1.../aud_usd_1.gif
BRV wrote:
"Point B: Price exceeds the level by more than a comfortable amount (we’re looking for it to hit it exactly and reverse). Additionally, we have an up close on the 1hr bar that is almost right on top of the level. We close our new short position with only a couple pips of profit. Price exceeds the level, and then uses it as support. We open a long right on the level when we see this."
Could you please clarify which candle is the "up close on the 1 hour bar".
Could you also tell me when you went short to obtain a couple of pip profit.
Am I correct in assuming that candle "d" is the first sign that the level is becoming support and the point at which you would go long?
If there is a better way for me to ask these basic questions without disturbing the thread then I am open to suggestions.
Thanks,
Forgive the simplicty of these questions. I hope no one assumes that it is a question of laziness on my part, it is more a desire to fully understand the method and terminology used.
In the following example which BRV used earlier:
http://i46.photobucket.com/albums/f1.../aud_usd_1.gif
BRV wrote:
"Point B: Price exceeds the level by more than a comfortable amount (we’re looking for it to hit it exactly and reverse). Additionally, we have an up close on the 1hr bar that is almost right on top of the level. We close our new short position with only a couple pips of profit. Price exceeds the level, and then uses it as support. We open a long right on the level when we see this."
Could you please clarify which candle is the "up close on the 1 hour bar".
Could you also tell me when you went short to obtain a couple of pip profit.
Am I correct in assuming that candle "d" is the first sign that the level is becoming support and the point at which you would go long?
If there is a better way for me to ask these basic questions without disturbing the thread then I am open to suggestions.
Thanks,
