Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
We start our count at the first reversal bar (a reversal bar is simply a bar that closes in the opposite direction of the previous bar)—in an up-moving market, this would be the next bar that closes down.
The reversal bar becomes “Bar 1.” We then count each additional bar in the pullback until the prices close back in the original trending direction, Bar2 abd Bar3 are explained by itself in the chart attached in post#1
There are systems that trade the 3+ bar pullbacks by not waiting for the pullback to turn around and break the swing high/low, but rather enter on a break of a previous pullback bar high/low. You can get great early entries with that type of entry method, and most of the time will make your first target before the swing high/low is even hit.