DislikedWhat a beautiful thing it is..........but not for the reason you may be thinking of.....
this bar will be many things for many people....what will it mean to you?......
id like to spill my whole story now but id like to hear what you think and maybe i may be able to help.......but only to see what i see thats all............gIgnored
On my platform I got the Big Boss showing a downtrend and we have bounced up to resistance from 1995 (1.75 or so). Price is far away from the MAs and no indication of the MAs turning up yet. There is no historical support below 1.75ish (on my data anyway). I don't see any price action indicating a bottom, but I am young and impetuous.
Next in command is the Boss. There was a hammer back in December and we have been trending higher since then. Now it is testing the 20 and getting close to the major downtrend line, but hasn't broken it. Still in a downtrend, right?
On to the Daily. Price got close to a round number physcological level (1.50) and has bounced up, but hasn't broken the major downtrend. Todays bar closed below the 20 and Boss 20 on my charts and it is sitting in between 20 and 50.
1. No BEOB or DBHLC on my data, so this is easy for me. No trade.
2. I am supposed to only be concentrating on hammers and shooting stars anyway, so this trade (based on your data) is off of my table.
3. Pip risk is above my MM too.
Now Strat...this is where I get a little unsure. The downtrend has not been broken on all 3 timeframes, but the lower 2 have been trending up towards it. How do I determine if they are just retracing and getting ready to dive again or if it is a legitimate reversal. Is Dr. Joe in the house?