Alright, I will google it and check out the dow thread. Is this related to higher timeframe 2B patterns? Wednesdays euro "trade of the day" - long @ ~3180?
Here is a common situation. We have 2B entry (4 bars before the entry shown on the chart below). But almost immediately as we enter, price bounces off the trendline and pulls back, forcing us to take the heat. Not very nice for oneâs blood pressure, huh? But if we wait for trendline bounce to fail (aka failed failure in Al Brooks terms) and giving us the second entry, which is also a traderâs trick entry into the 123 reversal pattern, we pick the spot, where price takes off almost immediately. Of course, sometimes it just shoots right from the bottom or top, not giving this âSecond Mouseâ entry (as one good trader named it), but much more often it acts like it did in this case. Watch for those and you will find saving yourself a lot of pips and money on the losing trades. http://www.cornixforex.com/2012/03/123-reversal-vs-2b-reversal-some-observations/
Euro daily is once again coming close to year's low. Now we watch for either break down below it or wait for possible reversal signs....