I have been backtesting a setup on the 15 minute chart where price grinds/spikes higher and engulfs at the High of Day only to dump down to the Low of Day.
I notice there are three variations of this pattern
It blows through the Low of day and makes a substantial lower low
It just barely takes out the Low of day
It comes just shy of the Low of day and DOES NOT take it out
I notice there are three variations of this pattern
It blows through the Low of day and makes a substantial lower low
It just barely takes out the Low of day
It comes just shy of the Low of day and DOES NOT take it out
Note
This is a 3 session set up where Asia and London form the higher lows and pump up only for New York to commensurate with the dump down.These are all 15 minute charts of the entire trading day
Note
Here is today, Monday May 13th on the 5 minute chart
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.