Market retreats to 20 period EMA after making new highs (for long positions)/lows (for shorts) with ADX (14period) >30. Some people use the 20 period SMA . Projection is a retest of the highs. Trailing stop. ***Failed grails tend to move (painfully) in the opposite direction. Setup invalid below weekly EMA (5.73)
Market retreats to 20 period EMA after making new highs (for long positions)/lows (for shorts) with ADX (14period) >30. Some people use the 20 period SMA . Projection is a retest of the highs. Trailing stop. ***Failed grails tend to move (painfully) in the opposite direction. Setup invalid below daily EMA (15.25)
TRADING RULES FOR THE HOLY GRAIL RULES FOR LONG 14-period ADX is above 30 and rising Retracement down to 20-period simple moving average (SMA) Place buy order at the high of the bar that touches 20-period SMA
MTPredictor software did recognize ABC pattern or also known as 'holy grail' setup. MTPredictor did not give any automatic trade setup to buy, but it is known that after ABC pattern markets have tendency to correct up to last pivot's decision point (at least). In this trading idea Long, Stop and Target are set manually.
Try putting a fib on every "small" wave and look at the extension levels...will forward test this method on a small account and see what happens, stay tuned.