Is It a Reversal or a Pullback?

Based on the number of candles and time frame, the boxes are 2 hours and 5 mins each (25 candles x 5 mins time frame). The bottom of the second box appears to be drawn from the bottom of the 1st of candle in the box. Similarly, the top of the 3rd box appears to be drawn from the top of the 1st candle in that box. Perhaps I was wrong about calling exact tops and bottoms ;P

 

Daily is in downtrend, current oscillation is a bounce, whether it would lead to a reversal of daily trend or a dead cat bounce only time will tell. Thank you for your time

• ADX above 40: Strong trend.

 

Yeah, you are a real professional.

 

I can vouch for candles. He knows his stuff.
That's obviously an old post.

 

You seem upset, IAN! Why are you trauling through peoples old posts? He didn't even say anything about you. You seem to be upset because he made a very good trade. No different to your claim. Only schizo makes actual calls, so only he has the right to get upset with all the hindsight gurus imho
Cheer up!

 

Nobody wanna talk about the subject at hand anymore? lol
Or have Too many egos have been dented!

 

You're very welcome to discuss the chart I posted above

Pullback or reversal?

 

What's to discuss there? We can probably all agree that we're in a downtrend on the daily.
Not everyone would agree that the ADX being above 40 means anything.
And of course, 'time will tell' whether this is a pullback or a reversal, but I gathered teh point of the thread was that there is a way of knowing without the benefit of hindsight.

 

I think your right on direction, but for different reasons. We're in a mild down-trending channel. [/IMG]

 

According to OP it is possible to quantify whether one is a trend or a pullback, I am of an opinion that it's impossible to be right all the time simply because order flow changes depending on future events, there isn't always a plan in motion that can be traced.