I plan to create a video everyday, tomorrow I will overly expand a chart to show a dbl btm/top a little more clear for you and others
It is true that a dbl btm can occur by looking at the bodies, wicks or a combination of the 2.
This means when you have your crosshair sitting at the prior swing to determine what price level will produce a dbl btm/top then as price approaches that price level it may stop there to the tick which will cause an obvious dbl btm/top. However price could initially go beyond the price level but then close at the price level (meaning price wicks above/below the price level) this would create a double bottom/top that on the 1st swing is a wicks low/high and then the 2nd swing is the body close
Hence a dbl btm/top can be at a wick, a candles body, or a combination of the 2
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Enjoyed the video CJ, filled in a couple of the missing links for me. Also good to learn how you are moving
your stop after you enter the trade. Thought you were waiting until a candle closed back into the cloud before
closing the trade.
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The following user says Thank You to Big Mike for this post:
thanks for the comments I'm glad to hear the video helped you
I discovered as I went along to trail the stop as I showed in the video is a more profitable way to trade. However if a candle closes back inside the cloud before you are able to move the stop then you do close the trade before your stop is hit
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In looking at the market during the early morning this is not shaping up well going forward. It actually looks more like a 5 year old playing with an etch a sketch
Notice the notations I have put on this chart below we have the whole #, a thin Ichi Cloud, and a triple bottom on the lows.
Hopefully with the U S news at 9 am cst we will break out of this rather large range and get a trend going, in the mean time with the way price is moving any signal that it gives is going to have some level of S&R preventing me from taking the trade. Remember in yesterday's video I said when a trade signal appears I 1st look for a reason not to take the trade. Well this morning there appears to be many reasons.
When the cloud is thin like it is here it is telling you that any trend is weak
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