MO's MBT Micro

[TheRumpledOne]

1. price makes a new daily low
2. price does not move lower on the next candle
3. Enter 20 pips from the low
4. Exit reverse if given a signal to trade in the other direction.




With the right tool, it is simple to see when price makes a new daily/weekly/monthly bottom and is within 20 pips.

What is the trigger for #4?

[TheRumpledOne]

This may be more along the lines of what MightyOne is thinking.

[noone22]

MO
Thanx for sharing and good luck!

[MightyOne]

A little like this:

(Deleted-All my pictures look like skah-tah)

[MightyOne]

Spent some time giving live training via Google Talk on the GBPUSD 30 minute chart.

I showed why and from where the market was starting turn and called the reversal from the highest price because of fake BO and run on the stops after reversal signals and lower close.

The result was an 85 pip drop

No trades placed on micro unfortunately

[flossnhoss]

Spent some time giving live training via Google Talk on the GBPUSD 30 minute chart.

I showed why and from where the market was starting turn and called the reversal from the highest price because of fake BO and run on the stops after reversal signals and lower close.

The result was an 85 pip drop

Just want to make sure I understand that statement... see picture below please.


Thanks

[MightyOne]

Spent some time giving live training via Google Talk on the GBPUSD 30 minute chart.

I showed why and from where the market was starting turn and called the reversal from the highest price because of fake BO and run on the stops after reversal signals and lower close.

The result was an 85 pip drop

Just want to make sure I understand that statement... see picture below please.


Thanks

No, that whole leg was missing 1 thing ---> A LOWER CLOSE!

After we got the lower close (which by the way was also momo) what happend?

A fake and reverse to stop orders...
and then of course the real move.

Yet another example of high(er) time frame analysis being king and small chart entries being queen.

[flossnhoss]

No, that whole leg was missing 1 thing ---> A LOWER CLOSE!

After we got the lower close (which by the way was also momo) what happend?

A fake and reverse to stop orders...
and then of course the real move.

Yet another example of high(er) time frame analysis being king and small chart entries being queen.

Hrm, okay... looked to me like the green bar closed a pip or two lower, but I guess that's not what you meant.

Could you please draw me a picture?

Thank you.

[flossnhoss]

... or perhaps a picture isn't what I need. Maybe just an explanation on how you called that a fake out, and not another real break out.

That's the part I don't understand.

[flossnhoss]

My second, and final answer

Like I say though, I don't know what would tell you this is turning? Just the lower close?

Thanks!