done only a few 4th touch, and mostly find that I do that after a Doji, maybe that's a easy one to catch, with a sense of direction..
Willl I'm trying to get a fix on your structural thinking. A channel is well defined by parallel lines but I can't see any. By resistance band do you mean using the wicks for S&R? If so are you meaning Support and not Resistance? You have drawn horizontal supports and the 1st was fluid so it was a quality reversal that tested support again before running. Straightforward enough. The 2nd was not quality and without some assistance from an indicator is more risky. However if you can get that run in a 2 min chart I think the noise will be removed and it will be a quality reversal. If not then the EMTL Bo showing tails before the break and then an engufing looks the part - if you can qualify the energy somehow. It could easily have had another pop down to the prior resistance level. 4th touch of channel has me lost - sorry
Yoohoo, OK I got a plan... Will now add 2-3min chart along with 5min to watch equally and move lower in TF step by step to get comfy in a new one.... This way I think I'll adjust better but still will move ahead and not just sit on 5min...
good student but look closer if you can still line the two up as it's some time ago. Instead of the PA look at the CCI as it was an easy way to be alerted to the trade which presents itself as KR. It's the way the CCI set ups were different but confirmed each other as hot trade i.e. lots of energy was present at this point. CF was looking for tale-tells and this is an important one to quickly spot a runner
sorry YH, didn't give you the background, it was yesterday afternoon, after reaching low of day (touching the long term channel, on 5min TF), and end up with a slightly upward channel for the next 60min. There are those very weak moves, mostly 2 busts in 1min TF that happens after major moves (much like the B in your ABC). Been look at it every since I learn my ABC (from you), and I find that da 4th touch gives a correct entry 80% of the time, that's why I ask.. Maybe I given them names in my mind.. LOL.. but anyway, i posted, coz I found the 4th touch works very well in my market (much like how you or CF would catch a retracement), but I couldn't get the entry right, the prices just ran away once it hooked (KR etc), want to do an agressive entry, and I guess I got that support line idea from you, looking at them together, came up with something like that.. and Yes, I do use an indicator for reference..
sometimes I take signals on the 3 min - it's great for energy too each larger TF acts like a noise filter on the TF below it so as you go down to a smaller TF the first thing you see is noise - then it clears when you run them side by side. Soon you won't see noise.