On the Pound/ Dollar (GBP/ USD) we have a bat pattern finishing up in the PRZ of the previous crab patterns. will this pattern complete today? I highly doubt it it might be a good monday morning type of trade. as you can see with the Crab patterns price exceeded the PRZ came down to test the HOP and bounced up. this is a common occurance with crab patterns, but its not a law! I will expect Price to come down and test the yeloow line throw a wick thowgh the PRZ box and reverse. Now, this will completion of a T2 oppritunity for the larger crab patterns drawn. usually T2 oppritunities are the true reversal set-ups. So, be patient (unlike me this week) and ride the winner!
I have been researching the COT so i can focus on the patterns that trade in the same direction as the big banks, and im still reading on it and trying to write a computer program on how to throw it in a spread sheet that up dates every week; however, i also came across the IG Client Sentiment report, which is a very interesting little report. What it does is show you what direction their clients are going, of course not individually, and it also shows what direction price actually went that day. it is a direct Contrarian example of aristotle's the whole is greater than sum of its part, by being that for this particular day the net traders are long and PA is going short. PA needs to come down into the PRZ for entry!
I have been researching the COT so i can focus on the patterns that trade in the same direction as the big banks, and im still reading on it and trying to write a computer program on how to throw it in a spread sheet that up dates every week; however, i also came across the IG Client Sentiment report, which is a very interesting little report. What it does is show you what direction their clients are going, of course not individually, and it also shows what direction price actually went that day. it is a direct Contrarian example of aristotle's the whole is greater than sum of its part, by being that for this particular day the net traders are long and PA is going short. PA needs to come down into the PRZ for entry!