Hi Amit,
first of all welcome back...
yes, we can reverse at 2.30 bar high+ fil but i take it at 2.00 bar high as a brakedown failure ..may be i am bit late there but my reason can be found in your other query
secondly about pivot of 15 & hourly bar ..basically we trade 30 min charts but when we doesn't get pivot in 30 min & we feel that market may reverse there in "V" shape pattern we try to shift lower time frames ...not much but 15/20 min charts ..if we find any pivot there , we try to reverse there but many times these pivots gives false brekuts too so we want to confirm from hourly bars too ..if they also agreeing to the pivots of 15/20 then we are sure enough to reverse there
just quoting SAINT here ,"Many times,the 15 forms a pivot break and all the moves together give us a 60min reversal candle........other times,we get a candle that looks like a few candles down on the 15 and then a few candles up on the 15,giving us a bottoming tail on the 60.....as in today.That is,the 60 warns of a possible reversal,and then all the others might fall into place.
So,we got a reversal candle on the 60 first......30 and the 15 still bearish.....now we want the 15 and 30 to give us clear cut signs,like probably a higher pivot low,etc......If instead our dreaded V pattern comes along,and triggers off a blast move from that 60min Bottoming Tail,observe stops as always and reverse if hit.....But in this case,the 15 and 30 did pull back,.........looked like making a higher pivot low and then fell flat down......so,it's a Hold on shorts." unquote
hope i am able to answer your query correctly...
regards
vineet
