Postby prochargedmopar » Sat Feb 14, 2009 9:49 pm
If you open up a chart, any chart, you will see hammers, spinning tops, and doji's. After a trend, only after a trend and not in a box range, the tips of these will be S/R area's. LOOK and see that almost always the wick is "tested" about half way or so by the next candle but does not close past the S/R area of the wick tip. Jump in when it starts to retrace and form a wick with a lower high than the previous doji, hammer, or shooting star depending if it comes after a bull or bear trend. Look at any chart and see. Now, do you have the balls to get in on a candle that is the opposite color of the way you want to go? I've only done it a couple times and it worked out great. I'll be looking for more opportunities in the future. Your stop will be much smaller than waiting for the color change and the tip of the wick that sets your S/R level will be the price that tells you that your WRONG. That is if it closes past that point after your in the trade. it it just shoots through but doesn't close then that is a steve nison Crack and Snap which usually means your going for a big ride in the direction you want to go. Hang on for some major pips.
We'll see if this stuff works Monday. DEEP BREATH! lol
Pro