I guess I set my self up for that one. Was hoping for an actual chart image, never mind. Ill get go and have some breakfast now.
You don’t heed a chart image, that’s it, no more to it.
it does not always end in a continuation. still depends in a few other factors.
No Sh1t Sherlock!
well, you failed to point it out in your initial post.
FXDD uses NY close.
Hello Grimm and All,
First off, I have quantitatively tested about 15+ price action patterns, systems and signals, and 5pm NY is not always the best. It depends upon the system, pair and time frame, and performance can vary widely, so best not to use it as a one size fits all.
Sometimes the GMT open performed better, other times, the NY midnight, and sometimes the NY session close did, but no one session was overly dominant across all pairs and systems.
I also have a thread on Forex Price Action so feel free to check it out as I teach you how to read the price action and order flow behind it. If trading price action was simply about engulfing bars, pin bars and 2bar reversals, why aren’t the institutions just saving themselves thousands of dollars in training, and just teaching these patterns?
They aren’t, and that should communicate something to you - that patterns are sometimes the cause of a trade, and sometimes the effect. And you have to know which is what, and how to read price action in real time, not take a freshman approach to trading and just learn three patterns, then think you have it all.
Hopefully this gives you some food for thought.
Kind Regards,
Chris Capre