DislikedOn Sunday I placed a trade on the EURUSD based on a price action pattern that is seldom discussed - that is matching highs...Ignored
DislikedSpeaking for PA i have no idea what are matching High's ( Working with PB & Outside Bars). But for Location you would hit 1.5 just after 31 pips for the rest see the chart.Ignored
nasir,
matching highs/lows - bar highs/lows that match/are similar (may inclued 2 or more bars), got it
look at the rightmost part of your yellow ellipse - once 1.50 broke, it took only 9 bars for price to jump from 1.50 - 1.60 (i'm not implying that this will recur).
at this point, price can only do 1of 3 things:
1. break 1.50 upwards
2. reverse downward
3. consolidate first (further) sub-1.5000 before moving up or down