Showing posts with label Basket Trading System. Show all posts
Showing posts with label Basket Trading System. Show all posts
9:39 AM
In this post I will show what I have drawn for TL's in each TF I follow. Starting with the D1, H4 finally the H1.
Now looking at the H1 you can see that I have pointed out the test of the Top H1 TL channel. This is the TL that you don't move without a confirmed test. To confirm the test I like to see a higher high happen then a pull back. That pullback will give you the next connecting point of a "New" H1 channel. Now I wait for the start of the new week to unfold by watching the Excel and keep in mind we also have the new weekly comments to guide us as well. Also notice that the 1.0 Fib Extension is lining up right at the D1 if the C point is infact complete.
10:15 PM
Here is a perfect example of a TL test. Price breaks below the bottom H1 TL then comes right back to test. Then of course you can see the next candle jumps right back inside the channel and continues higher. This is how you can maintain integrity to your TL's so you are not always moving or form fitting them to the price. Of course this same test can be used with the basket as well.
