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Well done Rick your on the right track .
The only thing i would say is that on the 60min chart there was a GAP between price and role reversal support which as you know from my previous posts indicates a fast move up also that nice double bottom formed which was the second attempted retest which fell short again of support creating the gap.
The gap to support was around 25 pips so add a few pips on to that and you have your stop , less risky way to enter is to wait for some upside momentum after the double bottom or put a stop entry above the previous high.
One other thing your combination of timeframes is a bit off , in a previous post i gave the combination of timeframes to use.
A very nice trade for over 100 pips
bubble
very good analysis,bubble, today i finally know what is gap trend. hope study more different scenarios soon.
style of charts, my recommendation is we follow bubble's style, it's easier for us to see the similarities or differences.
I even have multiple views of the same pair and TF, and each charts represent its own style, then I put some weight on some charts, the process itself is changing now, but one thing I know that some charts will complete another chart, but if we put it altogether into one, hardly I can focus or give weights.
bubble, your signature about buying at support, does it get along with don't buy at breakout ? how about buying at resistance after role changing to support ?
we really do need many examples of this, so our eyes can be trained to easily spot it.
If you buy a breakout you are buying at resistance which is not as you know a good idea,im not sure what you mean by your second point but assuming a resistance is broken it only becomes support if price makes a new peak.
bubble
thank you for the answers, you're correct in interpreting the 2nd point, that's what I need to know.
Now, waiting for next lessons, hope this thread will keep going, nothing will be the same if the author left it.
I used a M15 chart to show how the role reversed on cadjpy this morning. Do I have this correct Bubble?
my suggestions are to compress the bars so you can see wider, and use higher TF such as h1 or h4, your chart will span and tell you how many retest and role changing price has been. the more retest, the more accurate.
MT4 support each bar increment when visual backtesting by pressing F12, just in case you need it.
Linear Mode
