The trigger signal came at 2:35 PM PST.
Trading NADEX Knock-Outs
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Wednesday | October 26, 2022 | 9:45 AM PST
One of these measures is also used to suggest entry and exit levels (along with the 20-minute baseline) and would have recommended taking profit a little over four hours later at around 0.8694, for a gain of approximately 10 pips.
Yet, this was nothing compared to the profit that might have been realized from shorting the pair when a bearish reversal registered ten minutes after midnight Pacific Standard Time. The potential return from that trade would have been just about three times greater. And as you can see from the above image, the measures indicate that the latest (bullish) reversal took place this morning at 8:10 AM PST. (It's now 9:46 AM PST.)
Clearly, I am liking these new indicators better than the ones I was using previously. So, barring any unforeseen developments, I will continue to use them to highlight intraday reversals rather than what I was using before.
This would have been a successful trade. However, the reversals I am now inclined to use, of which this was an example, do not consist of the baselines I was using up until two days ago. It recently occurred to me that I might use measures derived from the newly formulated moving averages I was plotting on hourly charts which, instead of being calculated based on the zero amplitude of key waves and cycles, have been generated using formulas stemming from an idea I am electing not to disclose.
One of these measures is also used to suggest entry and exit levels (along with the 20-minute baseline) and would have recommended taking profit a little over four hours later at around 0.8694, for a gain of approximately 10 pips.
Yet, this was nothing compared to the profit that might have been realized from shorting the pair when a bearish reversal registered ten minutes after midnight Pacific Standard Time. The potential return from that trade would have been just about three times greater. And as you can see from the above image, the measures indicate that the latest (bullish) reversal took place this morning at 8:10 AM PST. (It's now 9:46 AM PST.)
Clearly, I am liking these new indicators better than the ones I was using previously. So, barring any unforeseen developments, I will continue to use them to highlight intraday reversals rather than what I was using before.
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These new measures on the left (marked by Xs) are replacing some of the old measures (pictured on the right) as the arbiters of intraday bias/sentiment in the estimation of the system I use to trade foreign currency pairs.