Correct me if I am wrong, guys.. Felt that reversals on HSI with 3 qualities: 1. double bottoms or 2Bs, likely with a 1-2-3 that show up soon after that.. 2. Divergence with da indicator at the lower TF 3. failure to go through S/R or TL on a higher TF (5min for me, but price level will be the same on the hourly)
Willl, all markets are the same as far as the basic PA that we have learned is applied. Point 3. is not quite right... 5 min and hourly support reactions can look different. This is where you need to ANTICIPATE what may happen next when you get a break of the S&R on a 5 min TF. Keep in mind it can have a few complete candles thru the S/R but reverse and it will look perfect on the 1 hr... the candle body rests on the S/R and only the wick is thru the line. That's why trading the 1 min reversals are so crucial in catchint the big moves and not faling for the fake break. By the way, where are you... in HK or mainland China or somewhere else?
thanks for that, YH.. better think of #3 as.. failure "around" the 5min/hourly S&R or T/L Yeah, I am a Hong Kong Chinese, based in Hong Kong; but I spend almost half of my time in the mainland and sometimes trade from the mainland, mostly friday, LOL
Morning... EUR/USD (1 HR) butting up against the pivot here. SOme econ reports coming out shortly as well. Looking for a pullback... http://i32.tinypic.com/2yyujjm.gif