MightyOne wrote:thepark wrote:
So is the 1-2-3 used here like a BDP, WDL where 2 is the BDP and 3 is the rejection?
which book should i read on this?
do you have a preference of what pairs to trade? thanks
There is no book, we write our own books
There is no need to fill your head with unnecessary information, just try to tell the difference between a breakout and a pattern.
All angles are 15 degrees & all trades are away from a single price.
If I were to play favorites I'd say that the USDCAD is near and dear to me.
What is the difference between a "breakout" and a "pattern"?
In you USDJPY pic, I see prices closing lower and then coming back up to wick upward on the third curly bracket. My entry would have been to wait for a new close under the (1) then short. Same idea with your XAUUSD trade.
Your ideas seem to be able to identify entries sooner, while my method enters after it has moved and confirmation
The curly bracket represents breakouts?
What are 1-2-3?
How do you know how to draw those 15 degree lines like that? I can see a million ways of drawing those lines that are different.
I guess I just need to see these ideas at a more basic level.