Quote:
Originally Posted by FXCaribbean
Hi tymen,
The fact that during the trading retrace (or walking) we can wait for 3 candles, is it linked to the timeframe the shape has been detected ? (either engulfing or Evening star) so just before the design of the next candle in that main timeframe ?
If yes, then would you say it is possible to wait (Main_time_frame - 5mn)/5mn ?
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errrrrr........I am a little confused here.
The matter is really much simpler than this.
We wait 3 candles in a retrace (pity you were not there when we did the exercises!), only when price action walks the starc band.
3 candles often exhaust the walking trend.
We do not offer any connection between this and the main chart.
Sometimes things link up with the 5 minute and main charts.
Sometimes they do not.
When we look for a retrace we
stay with the 5 minute chart.
The only time we toggle back to the main chart is if we see that the candle pattern is reaching expiry, that is, we are more than 7 candles away from the pattern.
Keep watching this present trade example......it may answer your questions.
