"Leg"/"leg start"

November 13th, 2020, 01:36 AM

- Could someone kindly show a screenshot of what/where a leg start should accurately be defined? It's been said to be the "second lowest swing low" for an up leg & vise versa, but still ambiguous to me

- Secondly, on this chart by DopeTrades, if you start off from the left you see quite a few of these levels are breached by bars closing straight beyond them *on first touch*, not on second touch, when in theory the first touch is supposed to be a failed test isn't it?

tradingview.com/chart/EURUSD/u4zHYe0P-Educational-Reference-Support-Gained-and-Lost-progression

November 18th, 2020, 10:01 AM

Here's 2 legs up in my book: [future.io tells me I need 5 or more posts to post an image. Will attach it to my next post underneath]

Whether you agree or - more importantly - most market participants agree (if this were a live analysis) is a totally different matter though. There is no rule book to trading that everyone agrees on. Only loads of participants - most of them computers and institutional traders - making decisions to place trades for one reason or another.

As for "first touch is supposed to be a failed test" - same answer, no rule book here either. If this could be stipulated as a 100% rule, the market would stop working tomorrow because everyone would try to be on the same side of the trade and not get filled.

November 18th, 2020, 10:03 AM

Edit: my 2 cents on 2 legs up here

February 4th, 2021, 10:27 PM

oberlon

Here's 2 legs up in my book: [future.io tells me I need 5 or more posts to post an image. Will attach it to my next post underneath]

Whether you agree or - more importantly - most market participants agree (if this were a live analysis) is a totally different matter though. There is no rule book to trading that everyone agrees on. Only loads of participants - most of them computers and institutional traders - making decisions to place trades for one reason or another.

As for "first touch is supposed to be a failed test" - same answer, no rule book here either. If this could be stipulated as a 100% rule, the market would stop working tomorrow because everyone would try to be on the same side of the trade and not get filled.

Well thank you so much. But I had a soightly different view

"Leg"/"leg start"

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"Leg"/"leg start"