Lower timeframe (LTF) entry patterns can also trigger exit.
Perhaps that's obvious? Perhaps not?
In any case, as I used an LTF trigger pattern for exit during the week the following thought crossed my mind – "I don't recall discussing this via the newsletter"
So here we are…
There are MANY entry trigger patterns. For those with the YTC Price Action Trader, refer to Chapter 4, pages 87-90 for a diagram summary of all the patterns I watch out for.
By far the majority of discussion with lower timeframe patterns is always with respect to entry.
So let's start with an entry example.
The exact same trigger pattern can also be used to trigger EXIT from an earlier (opposite direction) trade.
Let's assume now that we were SHORT much earlier, trading down into the lows.
Hi Lance, wondering when do you read the chart in forex or indices market, do you analyse it using bid or sell chart of mid chart? thanks
Hi Cool, These are all futures charts so it’s a bit different. The charts display the actual traded price.
Way back when I traded spot forex I used to chart with the Bid prices. I believe that this is most common (although have no direct proof of that). Either way, there would be no right or wrong. Just be consistent in whichever you use.