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Encyclopedia of chart patterns
I already asked a somewhat similar question on this forum. But still I'm having doubts and questions, about how
to interpret the patterns that are based on opening gaps. Here's 3 potential ways to approach this, that I have in mind:
1. Treat every BO bar as an opening gap.
My problem here is that, when such thing happens towards the end of the US-session, intuitively I feel that this should not be approached in the same way.
2. Take the difference between the end of the Us-session, end the start of the European session the next day.
In case there is a substantial difference, consider this an opening gap.
3. Just ignore all the setups that are based on opening gaps for Forex.
Are there members on this forum, who have succesfully been trading Forex intraday (5 min chart)?
All reflections are welcome!
What usually works for me is to count the gap from the MA i.e. take the MA as the close of the prior bar.. So if the first bar of the sessions, let's say US session, is above the MA, I count it as Gap up open.
It has worked for me most of the time.
Sorry for such a late reply.
That bull trend bar is across the EMA, so no I won't consider it such. But the last bull trend bar in the blue circle (the one just before the bear bar) if that is the first bar of the opening session (london session for ex) then I would consider it a gap up bar, since it is above EMA). And so if you go according to Al's trading the open patterns, you would have made a profitable trade with a H2 buy.
Hi, would someone please give me a link to purchase and download the encyclopedia?