DislikedI see no one posting anything about Intent as BW laid out... He specifically said it's based off the 4hr candle... That's where it all begins.... Where's the 4hr charts showing the intent of any 4 hr candles...and the subsequent 50+pip move... Are we talking candles at a specific time? A specific type of candle?? A pattern of candles at timing ? Where's the details ??Ignored
provided that currency pair has ADR 100 - 120 pips minimum.
So GJ pair ADR is approx 120 pips, we let 40 pips "ride" in one direction before considering the Intent to be verified., and the remaining 50% ADR should be 50 - 60 pips in our favour, the last 15% ADR is left on the table.
The rule as I understood it was H4 close over 33% level. If that is the case, today GU entry was on the 4th H4 candle close, so entry was 16:00 GMT @ 1.19803 and TP 83% @ 1.19326 (47.7 pips) close enough to 50 pips. ADR 20 was 110 approx today
If the rule was a touch of the 33% ADR line then a Buy trade would have triggered resulting in a loss on the first trade. Then profit on the Sell side.
GJ result Close 33% - Entry after 16:00 H4 close, passed Entry & Target - No trade triggered
GJ result Touch 33% - the Sell triggered 17:00 target achieved 18:15
This strategy may be more suitable for Long term swing trades and targets, Intraday trading at best you can achieve IMO 50/50
My main concern is that most day traders with targets of 10 - 40 pips would not be prepared to sit all day waiting for an entry.
If it occured in the first two H4 candles - fair enough, but not always the case.
Early stage of evaluation, only a few days, so inconclusive - Jurys out on this one.
But thanks to BW for putting it out there,
Apologies for any typos / errors.
The Only Limit, is the One that you Set Yourself - Felix Baumgartner
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