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Here is NZDUSD D1, almost the same case with AUDUSD, but in this chart, we can see PB, notice the arrows, it's the on-progress indicator that will tell us about the defined PB.
For faster action, we can watch H1 and trail with M15, but this is risky and we need to watch carefully, but thanks to the trail stop, it stops only when close has penetrated BAT line, not just some spikes.
Here is again the successful one with latest EURUSD move.
As you can see I use different offset of timeframe in order to know what price is doing, I don't want to be framed by default and pre-offset time by broker, instead I choose to open as wide as possible how price is doing in custom TF.
H2 give us clear view about PB up, 2 of H3 also support it, even the last H3 (at bottom) give us an exit signal.
Trail it with 1 or 2 level below it (in this case M15), you can see the result.
And I just remember about another nick name, it is Tail, I think this PB, hammer, tail or other names, is worth studying, and will become preferable, combined with multiple custom TF and correlation pair, supported by RRR with S/R lines, could make a whole new change to our trading ever.
Let's go for forward test, I find that AUDUSD MN is interesting enough to get our attention.
Here's what I did, our MN chart shows a good PB, more than 80% for Nose and Close is inside previous bars (a positive number for C-to-E), and it's so strong, that MA couldn't even reach the low or the close of this bar, still 20 and 88 pips away, that's why (with other factors), this is definitely a reversal PB.
So fact#1, we have a good-looking PB for short
Then, we look for S/R, which is imaginary line/area that traders agree with.
So, fact#2, we are in double top and our reward could be the blue arrow.
Don't pull the trigger yet, as you can see after sudden drop, price will need a rest, just like somebody fall from a high place, the person need to recover first before continuing his/her direction (from Elder).
You can analyze this chart using other price pattern, but because of sideways that we see, we need to make sure that price really get out of the box.
As you can see here, this PB trading, can help us to determine the overall situation.
Any ideas are welcome to put an entry regarding minimizing risk, safe entry etc.
I will put BATATR to D1 to see if price can break the trail stop.
PS. on W1, we have big outside bar that can be our additional fact.
Continuing post #20 about AUDUSD, here we have PB down on daily, let's ride this.
Here is what it looks like after few hours, you can let it ride or take partial profit around last swing low, but you have lock your pips already.
The big candle is indicator from FF, David (hanover) created it first and I revised it then, it's called CandleAggregator V5, have a search over there.
And again this is an example of a working one, and I am sure we can already find these PBs easily, I will try to look for unsuccessful one, and bring it to your attention.
So for those who want to get in touch with this method, manual backtest is a journey that you must take first, get a feel of every price movement, record them with the script, your eyes will be trained to spot them easily and relaxed.
PS. NZDUSD is positive correlated with AUDUSD, so you can expect the same, just wait to pull the trigger.
EURCHF and GBPCHF show us a nice trend continuation PB down and then let us into the trade, because price breaks the low of the candle/bar, but then it moves up until now, so we can consider these as losing PB.
Linear Mode
