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High probability price action by Dr Cornelius
- Thread starter oilfxpro
- Start date
Sorry, the last 2 have me a bit confused:
- in "confirmed_support.jpg", it seems the point is that price will go back towards the previous spike
- in "pinnohio.jpg", it seems the point is after the spike, with confirmed support, the price will go away from the spike
Or did pinnohio.jpg eventually follow the same path of 1 step away from spike, then 2 steps backwards to return to spike levels?
Or is the body length significant (confirmed support spike bar has a body, pinnohio spike bar has virtually no body)?
thanks
- in "confirmed_support.jpg", it seems the point is that price will go back towards the previous spike
- in "pinnohio.jpg", it seems the point is after the spike, with confirmed support, the price will go away from the spike
Or did pinnohio.jpg eventually follow the same path of 1 step away from spike, then 2 steps backwards to return to spike levels?
Or is the body length significant (confirmed support spike bar has a body, pinnohio spike bar has virtually no body)?
thanks
Quote from zedDoubleNaught:
Sorry, the last 2 have me a bit confused:
- in "confirmed_support.jpg", it seems the point is that price will go back towards the previous spike
- in "pinnohio.jpg", it seems the point is after the spike, with confirmed support, the price will go away from the spike
Or did pinnohio.jpg eventually follow the same path of 1 step away from spike, then 2 steps backwards to return to spike levels?
Or is the body length significant (confirmed support spike bar has a body, pinnohio spike bar has virtually no body)?
thanks
Confirmed support is when charts and prices see confirmation of support , by a break in support followed by a reversal above the support.
A spike is sometimes sign of lack of buyers but where the price wants to head , but there are no current takers , spike down can also be lack of support .A pinnochio with long lower tail and no body is a sign of return of buyers.
Body length is not always significant.
It is about reading the price action with context and confluence.
Attachments
This week, if you have a losing trade, could you post it as well? I saw one person on youtube with his trades, the winners all looked great, but it helped to also see the times where it did not work out and how to handle those cases. Thanks, this is an interesting thread. I think one of the points I was missing earlier was that support/resistance is proved by passing it, coming back into it, then retesting.
Quote from zedDoubleNaught:
This week, if you have a losing trade, could you post it as well? I saw one person on youtube with his trades, the winners all looked great, but it helped to also see the times where it did not work out and how to handle those cases. Thanks, this is an interesting thread. I think one of the points I was missing earlier was that support/resistance is proved by passing it, coming back into it, then retesting.
Here is a crap entry at support , a losing trade and correct entries.