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.
Remember,we presume that a trend continues till the end of day unless proven otherwise.........only when all timeframes come together to a point and signal a possible reversal,there is not much to be done except holding the positions.
To reiterate:Today we got ourselves a candle that is more of a pivot on the 5,not a real pivot on the 15.We look at the 30min charts,we got ourselves a 4 bar down move,we have a look at the 15min charts,and we have a pivot and reversal at 3743.
Then,we have one more down move after the Sun Outage.....Stops to 3721 +7=3728 if you follow the 4 bar rule......or stops at 3743 at previous pivot on the 15/20.
We meanwhile have a 60min reversal candle,......we want the 15/30 to tell us something more.....If not we reverse at 3728 as previously planned.
Saint
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.
Remember,we presume that a trend continues till the end of day unless proven otherwise.........only when all timeframes come together to a point and signal a possible reversal,there is not much to be done except holding the positions.
To reiterate:Today we got ourselves a candle that is more of a pivot on the 5,not a real pivot on the 15.We look at the 30min charts,we got ourselves a 4 bar down move,we have a look at the 15min charts,and we have a pivot and reversal at 3743.
Then,we have one more down move after the Sun Outage.....Stops to 3721 +7=3728 if you follow the 4 bar rule......or stops at 3743 at previous pivot on the 15/20.
We meanwhile have a 60min reversal candle,......we want the 15/30 to tell us something more.....If not we reverse at 3728 as previously planned.
Saint
