Picking up reversals

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pablo101
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Picking up reversals

Postby pablo101 » Thu Jul 09, 2009 5:43 am

Hi guys,

I'm using the KISS method by TRO (sorry Avery, I think everyone is going to call this method KISS from now on, or we can named it something cool like - kiss pirates, kiss Avery .... ;)) and I'm just starting out trading purely on price becasue I was sucked into sqiggulies big time in my previous trading life blowing a few accounts. Anyway, trying to add more tools to my trading and keeping in mind to keep things as simple as possible.

I opened up 15 minute charts and had a look at the price action on the gbpusd. Then I remembered TRO and others talk about buzzard reversal trades, you wait for 3 greens or reds, then the chances of a reversal is high. It makes sense, after a down wave there is bound to be an upwave and vice-versa

If you have a look at the attachement, I've marked up 5 reverses. IF you can pick up the reverses like you certainly be a rich in no time. Going back in history (yes, newbie thing to do) I can see you stick a tight stop (low or high +1 or 2), open at the previous bar close and you can get at least 5 pips but mostly more.

Well, hindsight is one thing but can it be done and is it being done now? The question is how to know the next bar is a reversal after a up or down trend?

And throw me overboard if I'm talking rubbish.

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User avatar
pablo101
rank: 500+ posts
rank: 500+ posts
Posts: 841
Joined: Tue Jun 30, 2009 3:10 pm
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Real name: Pete
Gender: None specified

Re: Picking up reversals

Postby pablo101 » Thu Jul 09, 2009 5:46 am

pablo101 wrote:Hi guys,

I'm using the KISS method by TRO (sorry Avery, I think everyone is going to call this method KISS from now on, or we can named it something cool like - kiss pirates, kiss Avery .... ;)) and I'm just starting out trading purely on price becasue I was sucked into sqiggulies big time in my previous trading life blowing a few accounts. Anyway, trying to add more tools to my trading and keeping in mind to keep things as simple as possible.

I opened up 15 minute charts and had a look at the price action on the gbpusd. Then I remembered TRO and others talk about buzzard reversal trades, you wait for 3 greens or reds, then the chances of a reversal is high. It makes sense, after a down wave there is bound to be an upwave and vice-versa

If you have a look at the attachement, I've marked up 5 reverses. IF you can pick up the reverses like you certainly be a rich in no time. Going back in history (yes, newbie thing to do) I can see you stick a tight stop (low or high +1 or 2), open at the previous bar close and you can get at least 5 pips but mostly more.

Well, hindsight is one thing but can it be done and is it being done now? The question is how to know the next bar is a reversal after a up or down trend?

And throw me overboard if I'm talking rubbish.


maybe I should attach something :shock:
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ScreenHunter_01 Jul. 08 21.46.gif
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