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Quote from CFerret:

From what I see the ABC sequence indeed topped exactly at the close of 1H bar... And of course the top of C wave combined with such an overbought position were pretty good signs of an hourly retracement at least, seeing it now.

But still seems amazing how meaningful are hourly closes... [/QUOTE

When I was writing of the CCI over 300 it was from the top down I was referring to. You needed to give it time to work out - see attached.

Please note that not all moves are A-B-C's. What I was trying to point out was that when we have a possible A-B set up we need to look to see if there are a number of factors converging at C making it a high probability that the 1 min set up is going to keep rollong over into ATM time.

The vast majority of traders think 1 hr is the lowest safe TF so the hr closes are their action points. It's weight of money and clock watching combined with good PA & Indicator skills that makes big bucks in trading.
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Quote from CFerret:

From what I see the ABC sequence indeed topped exactly at the close of 1H bar... And of course the top of C wave combined with such an overbought position were pretty good signs of an hourly retracement at least, seeing it now.

But still seems amazing how meaningful are hourly closes...
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Correct me if I am wrong, guys..

Felt that reversals on HSI with 3 qualities:

1. double bottoms or 2Bs, likely with a 1-2-3 that show up soon after that..

2. Divergence with da indicator at the lower TF

3. failure to go through S/R or TL on a higher TF (5min for me, but price level will be the same on the hourly)
 
Quote from Willleung:

Correct me if I am wrong, guys..

Felt that reversals on HSI with 3 qualities:

1. double bottoms or 2Bs, likely with a 1-2-3 that show up soon after that..

2. Divergence with da indicator at the lower TF

3. failure to go through S/R or TL on a higher TF (5min for me, but price level will be the same on the hourly)
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Willl, all markets are the same as far as the basic PA that we have learned is applied.

Point 3. is not quite right... 5 min and hourly support reactions can look different. This is where you need to ANTICIPATE what may happen next when you get a break of the S&R on a 5 min TF.

Keep in mind it can have a few complete candles thru the S/R but reverse and it will look perfect on the 1 hr... the candle body rests on the S/R and only the wick is thru the line.

That's why trading the 1 min reversals are so crucial in catchint the big moves and not faling for the fake break.

By the way, where are you... in HK or mainland China or somewhere else?
 
Quote from yoohoo:

Willl, all markets are the same as far as the basic PA that we have learned is applied.

Point 3. is not quite right... 5 min and hourly support reactions can look different. This is where you need to ANTICIPATE what may happen next when you get a break of the S&R on a 5 min TF.

Keep in mind it can have a few complete candles thru the S/R but reverse and it will look perfect on the 1 hr... the candle body rests on the S/R and only the wick is thru the line.

That's why trading the 1 min reversals are so crucial in catchint the big moves and not faling for the fake break.

By the way, where are you... in HK or mainland China or somewhere else?
More...

thanks for that, YH..

better think of #3 as.. failure "around" the 5min/hourly S&R or T/L

Yeah, I am a Hong Kong Chinese, based in Hong Kong; but I spend almost half of my time in the mainland and sometimes trade from the mainland, mostly friday, LOL
 
Quote from CFerret:

Yoohoo,

From down to the top hourly ABC and CCI to get around 300 took approx. 4 hours.
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10 hrs CF

5/6 hrs for leg A

if you thought C was 4 hrs you'd be trading aginst the main trend
 

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Quote from Willleung:

thanks for that, YH..

Yeah, I am a Hong Kong Chinese, based in Hong Kong; but I spend almost half of my time in the mainland and sometimes trade from the mainland, mostly friday, LOL
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Willl, next time I'm in HK perhaps we can meet up or if I'm going to China I'll let you know.
 
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