High probability price action by Dr Cornelius

cloaca

 

A great breakout entry.Price above diagnol support line and momentum support.

 

Where to buy and sell below support and above resistance on oil

 

Here are p/a pips

 

Yesterday's spike and confirmed support.We traded and made money.

 

Today's high probability price action pinnochio trade with confrmed support .

 

Sorry, the last 2 have me a bit confused:
- in "confirmed_support.jpg", it seems the point is that price will go back towards the previous spike
- in "pinnohio.jpg", it seems the point is after the spike, with confirmed support, the price will go away from the spike

Or did pinnohio.jpg eventually follow the same path of 1 step away from spike, then 2 steps backwards to return to spike levels?

Or is the body length significant (confirmed support spike bar has a body, pinnohio spike bar has virtually no body)?

thanks

 

Confirmed support is when charts and prices see confirmation of support , by a break in support followed by a reversal above the support.

A spike is sometimes sign of lack of buyers but where the price wants to head , but there are no current takers , spike down can also be lack of support .A pinnochio with long lower tail and no body is a sign of return of buyers.

Body length is not always significant.

It is about reading the price action with context and confluence.

 

This week, if you have a losing trade, could you post it as well? I saw one person on youtube with his trades, the winners all looked great, but it helped to also see the times where it did not work out and how to handle those cases. Thanks, this is an interesting thread. I think one of the points I was missing earlier was that support/resistance is proved by passing it, coming back into it, then retesting.

 

Here is a crap entry at support , a losing trade and correct entries.