End of Day Trading

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As I come up with new additions to the system or get questions I will answer them here.


Here is a question from a reader and my answer below.

Hello LR:
My question pertains to the 4th Monthly Push-Pull on USD/JPY.  I don’t understand why you said “We look for entries at the low of candle 3.  First of all, how do we know what the low of candle 3 is until that candle closes.  And by that time it will be too late to make the trade.  Also, why didn’t we try to make entries at the close of candle 1 rather than the open.  I’m confused when to target the open or close of candle 1 by the pull candle.
Ed in case I didn’t understand your question correctly we go for the level that is nearest whether it is the close or the open, however if price pulls back even further in the case you are referring to all the way back to the open of candle 1 then it is even better because there is more room for our take profit.  So we put in the monthly levels at the close and open of candle 1.  We are looking for very strong confirmation, in this case  there was a large pin candle at the first level the close of candle 1, but in a trading situation it was too large to take.  However of course there will be losses in this system, that is why we go for a high ROI.

The 4th example is like the three before it is an example of what a monthly closed push-pull setup would look like.. You are right that there was previous push-pull just behind it at the low of candle 1 (see below) The reason I chose the later push-pull setup was just because it was more obvious and I was using it to demonstrate what a pushpull setup looked like.

You know the level in advance so you don’t wait for the candle to close you just wait for the level to be reached and then you start looking for strong confirmation on the daily chart. These levels are very powerful look at the reaction on the daily chart of the monthly push-pull level in  the second image below.

In image 3 which is the later monthly push-pull again there was a strong reaction at that level with a large reversal pin on the daily chart, (note there was a large reversal pin previously at the first monthly level of that candle, the close level that didn’t hold)  If you had wanted to wait for more confirmation on the daily chart there was a closed pushpull later on in the daily move after the reversal.

This was not an ideal entry however because in the monthly context it was already quite late in the monthly move, I like to look for monthly push-pull levels after breakouts or pull-backs so I know there is enough momentum to carry the move to it’s take profit.  However these levels are fine if you are looking for 10XROI or TAYJ setups.





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