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DislikedGBP/JPY showed head-and-shoulders reversal formation on 15mins chart, possible short entry at 4:00amET.
GBP/USD at the same time showed multi-day M-pattern on 15mins chart (indicated by two green circles), possible short entry at 4:00amET.Ignored
DislikedYes, the second leg of 4mins M-pattern had 2 red bars (down) closing under all the moving averages so it was quite safe, as well as inline with 15mins head-and-shoulders reversal. I don't wait for 2 red bars to enter but it so happened that way. Stop was about 20pips going for 40 to 80pips run. If you are trading only 15mins chart, then wait for 4:00amET bar close to enter short. You don't trade 4mins or 5mins if there are NO setups on 15mins.Ignored
DislikedAlso, do you find 4 min charts are easier to identify 2nd leg M and W formations than say a 5 or 15 mins chart?Ignored
DislikedCan someone tell me how do you know the level counts? Are intraweek levels on the 4 hour set about 90-100 approx and intraday are 25-50 lets say on the euro?Ignored
DislikedI hope you did take longs on GBPUSD on 27 April. it was very clearly seen already a day before. nice signal for +89 pips at 1.6178Ignored