Kibles’ question on Forex Factory

“I do like the idea of this trading method, “but” entering on the hourly chart has a couple of glitches as; when looking at the daily chart we wait for momentum for a couple of bars and then when bar three goes the opposite direction and reaches the close of the first bar, we wait until it reverses and goes in the direction of momentum, we then move to the hourly chart and place our trade. Glitch 1; bar no.3 may not reach the close of bar one and we miss the trade. Glitch2 we may enter the trade as bar 3 reaches the close and then bar thee continues in opposite direction of momentum and takes our S/L out. just small points. I use freestockcharts.com and noticed a set up with aud/nzd 29Dec . Ok this was against the trend, although it was at a support. It was a loser but think this is the kind of setup were looking for.I crap at computers and will learn to post charts in the future. Thanks to pipskateer for starting this thread, I believe this system has promise. I dont know if its possible for a video of this method to be posted as I know people have limited time but would maybe make it a little clearer, If I come across any possible setups I will try to post before bar three. It would be good to see others do the same and agree or disagree if set up is good or not.”

 

In answer to kible, we move to the hourly chart when the push-pull level is touched and then we look for hour areas of support or resistance.  Re Glitch 1, yes price often pulls back to the high or low of the candle and if you made this the push-pull level then there would be many more trades, but there would be more losses. Support and resistance often forms around the close of a candle because this falls after the close of New York and into the Asian session which is usually sideways movement, I have found this to be the the spot with a higher win rate and therefore the push-pull pulls back to the close.  Glitch 2 we could be stopped out, that is why we have a 10XROI we accept losses as part of the system!

 

 

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