Going With The 60min Flow!!!
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Re: Live discussion Saint's - 60 minute flow
I am reproducing my answer to a querry from our Satyen on similar point in another forum.. This is done to save time and avoid duplication of efforts.
Satyen,
I agree with you that the point shown in your chart has all the necessary conditions of PH
(Except the new low not made) .But while doing flag correction we have seen that in flag correction,the inside PH gets broken and gives a wrong reversal. We also saw that all pivot highs are not worthy of reversal.
Coming back to the current pivot situation,We had a downmove from high of 24th lo the low same day and now we are experiencing upswing…This upswing could be a new uptrend or a correction of the downmove we had. I would not like to bring different methodologies here but the correction of the downmove can go as high as 99% of the downmove ( called a flat correction) and in the process it will trigger a false reversal. But if the upmove exceeds the high of 24th high,then that correction possibility is ruled out and the upmove is a new uptrend and we have to reverse to long.
From the above you will find that keeping SAR at 24 high is the correct place to reverse.
Best Wishes,
Smart_trade
I am reproducing my answer to a querry from our Satyen on similar point in another forum.. This is done to save time and avoid duplication of efforts.
Satyen,
I agree with you that the point shown in your chart has all the necessary conditions of PH
(Except the new low not made) .But while doing flag correction we have seen that in flag correction,the inside PH gets broken and gives a wrong reversal. We also saw that all pivot highs are not worthy of reversal.
Coming back to the current pivot situation,We had a downmove from high of 24th lo the low same day and now we are experiencing upswing…This upswing could be a new uptrend or a correction of the downmove we had. I would not like to bring different methodologies here but the correction of the downmove can go as high as 99% of the downmove ( called a flat correction) and in the process it will trigger a false reversal. But if the upmove exceeds the high of 24th high,then that correction possibility is ruled out and the upmove is a new uptrend and we have to reverse to long.
From the above you will find that keeping SAR at 24 high is the correct place to reverse.
Best Wishes,
Smart_trade
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