DislikedHi Darren
I see that you are pattern hunting in mirror imaging. The construction is promising, now the big question, can pips be created in the future?
Do you trade the Monday Range with success?
Lets do it with high Quality
RIgnored
The first is the daily opening price, which I use as the 6am UK opening price. Above the open I imagine we are in an up day, so I want to have a 'preference' for long positions and to stick with the daily momentum. It does not stop me going short, but it makes me aware that I am going against the daily bar. If price crosses through the 6am open I imagine the day has reversed. Pullbacks to the 6am open is a great places to look for entry if you have confluence with a trend line , s/r level, etc.
The second is the Monday range, which is the Monday daily bar high and low. I think of this as more of a break out area. Breaks above usually indicate an up week and breaks below a down week. I do not trade a break out of the Monday range, but a pullback to the Monday High / Low is a great places to look for entry if you have confluence with a trend line , s/r level, etc.
The third is the monthly opening price. Above the monthly open I imagine we are in an up month, so I want to have a 'preference' for long positions and to stick with the monthly momentum. It does not stop me going short. If price crosses through the monthly open I imagine the month has reversed. Pullbacks to the monthly open is a great places to look for entry if you have confluence with a trend line , s/r level, etc.
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