It’s nice to be able to say that in hindsight, this trade went on to make 100 pips at close of market.
Yet even while pointing out the hindsight factor, the attached chart does show that an entry was clear, and traders acting on the indication (as well as the big green impulse candle which triggered the trend) would have those 100 pips.
Price moved from.6756 to 06856 or 100 pips in 2 days.
Nice don’t you think? Just trade the trend, but be ready for the failed trades.
That’s something all of us need to know how to handle.
While I am here - impulse candles can be read in different ways, in my view.
If they happen at the bottom of a trend, they are a powerful indication of a likely rally.
Vice versa of course if they happen at the top of a trend.
Traders need to look at news as well as charts - just another factor in the tool-box.
Sometimes an impulse candle will happen-mid-trend, with little supportive news or other indication.
THEN it is likely that railroad tracks (the next candle falling just as sharply) set up, and the trend can usually run in the direction of the second impulse candle.
If you have a 4H impulse candle up and the next 4H candle down, what would this look like if combined to form an 8H candle? Answer: an excellent pin bar, and we should already know the probability of what that indicates.
This thread has been going for 11 years. I haven’t seen much interest in keeping it going - occasional posts here and there.
But crossovers in all their forms (Moving Averages, MACD, Stochastics) have always interested me, and used on the higher time frame charts can be the change your trading needs to become successful.
What you do need to become a profitable trade, is time looking at charts, and a good strategy.
It can be as simple (and complex) as Price Action (not my thing on its own) or a few indicators (such as in my charts).
But one thing success depends on, and that is YOU HAVE TO TRUST YOUR INDICATORS AND TAKE ACTION WHEN THEY TELL YOU TO.
Thanks for your time.
Depending on interest, I may or may not continue with more charts.