IF YOU SEE AN EXTRAORDINARILY LONG CANDLESTICK* TRADE AGAINST IT ......
I HAVE BEEN DOING THIS FOR OVER A YEAR AND I CAN TELL YOU, THE WIN RATES ARE VERY HIGH, IF TRADED CORRECTLY YOU WILL NEVER MAKE A LOSS.
THEORY: IF THE MARKET GOES TOO FAR TOO FAST IN ONE DIRECTION IN A VERY SHORT WHILE ITS BOUND TO RETRACE. SO WE WILL BE TRADING THE RETRACEMENT.
ITS NOT MY MAIN TRADING SYSTEM, I JUST USE IT TO COMPLEMENT MY TRADING SYSTEM.
PLS MAKE SURE ITS A REALLY EXTRAORDINARILY LONG CANDLESTICK* BEFORE YOU TRADE, IF IT DOESN'T PASS THAT TEST YOU ARE ON YOUR OWN.
TIMEFRAME USED
4HR ...I believe anything higher should give a similar or better result
HOW TO SPOT EXTRAORDINARILY LONG CANDLESTICKS*
LOOK AT THE CANDLESTICKS ON THE CHART FOR THAT PARTICULAR TIMEFRAME AND YOU WILL BE ABLE TO SPOT THE EXTRAORDINARILY LONG ONES .... IT VARIES FROM PAIR TO PAIR SO I CAN'T GIVE YOU A FORMULAR FOR THAT.
ILLUSTRATION:
IF YOU SEE AN EXCEPTIONALLY LONG CANDLESTICK* GOING LONG, WAIT FOR ITS CLOSE AND SELL FOR SOME PIPS(PLACE YOUR TAKEPROFIT BTW 30% TO 70% OF THE LONG CANDLESTICK)
IF YOU SEE AN EXCEPTIONALLY LONG CANDLESTICK* GOING SHORT, WAIT FOR ITS CLOSE AND BUY FOR SOME PIPS(PLACE YOUR TAKEPROFIT BTW 30% TO 70% OF THE LONG CANDLESTICK)
DOCUMENTING THIS WON'T BE AN EASY TASK BUT I WILL TRY TO SEE IF I CAN ASAP.
*WHEN WE TALK ABOUT LONG CANDLESTICKS WE DEAL WITH ONLY OPENS AND CLOSES AND NOT HIGHS AND LOWS.
⭐ traderdxb got a reaction from bamik in (read) WHAT IS A PERFECT INDICATOR?
