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Al Brooks states in his book "Have at least TWO reasons to enter a trade".
So from this, I thought I would make an indicator that flag reasons why you would enter a trade.
Possible reasons:
1. With Trend
2. Lower volume reversal bar (Wyckoff??)
3. Inside Bar
4. NR4 (Narrow Range 4)
What other single bar, bar types could be used as support argument for getting in?
The attachment shows a Multicharts chart with the indicator at the bottom.
Unfortunatley, Multicharts does not have a good hint system unlike some other charting packages.
So you just have to use the scale on the right.
The continuous dots are the trend indicator.
3=DtIB, 4=DtLVR, 5=Trend, 6=UtLVR, 7=UtIB, 10=IB, 11=NR4, 1&12 are borders.
So by getting 2 or more dots in a vertical column, we have two reasons too enter a trade.
Thoughts anyone?
Neil.
Can you help answer these questions from other members on NexusFi?