Tom822 » Wed Dec 16, 2015 6:42 pm wrote:CJ I know that on Daily chart we have a downtrend. But what in case if we trade on M15, you wrote that this strategy (yes, I know that is not a trading system) works also against the main trend.

And another thing - I went through this thread. You wrote that on M15 we have 3-5 days cycle, but usually it takes 3 days. Okay, I checked EUR/CAD and please check my chart below. On 14th December we had 1st level, on 15th December we had 2nd level but there was not a 3rd level today and there will be no 3rd day cycle because the price went above the 1st level. Of course I talking here only about M15 timeframe.

kwanann » Thu Jul 25, 2013 4:39 am wrote:Hmm like to bring along one analogy that i use for naked trading.

Imagine a bouncing ball. when u drop it.. it will bounce and bounce and bounce.. each loop gets smaller and smaller.. until it stops. so entry is always at the peak after the "retrace"

Silweri wrote:

Tom822 » Wed Dec 16, 2015 6:42 pm wrote:CJ I know that on Daily chart we have a downtrend. But what in case if we trade on M15, you wrote that this strategy (yes, I know that is not a trading system) works also against the main trend.

And another thing - I went through this thread. You wrote that on M15 we have 3-5 days cycle, but usually it takes 3 days. Okay, I checked EUR/CAD and please check my chart below. On 14th December we had 1st level, on 15th December we had 2nd level but there was not a 3rd level today and there will be no 3rd day cycle because the price went above the 1st level. Of course I talking here only about M15 timeframe.

EURCAD did allready have 3 levels down and also 3 levels back up.

At least I think so... Bigger picture still on play.

caveywoolpert » Wed Dec 16, 2015 5:53 pm wrote:

kwanann » Thu Jul 25, 2013 4:39 am wrote:Hmm like to bring along one analogy that i use for naked trading.

Imagine a bouncing ball. when u drop it.. it will bounce and bounce and bounce.. each loop gets smaller and smaller.. until it stops. so entry is always at the peak after the "retrace"

Tom, everything has been discussed in the thread zillion times. Dont count on m15.

Tom822 » Wed Dec 16, 2015 8:06 pm wrote:
I read that each level is a one day. Not always, because sometimes these 3 levels require 4-5 days to be created. But there should be around 3 days for these 3 levels. There were only 2 days - 14th and 15th December. Moreover, this middle "level" in downtrend which you pointed by no. 3-4 this is not a level because there wasn't accumulation stage (asian range).

Anyway, I will check your pattern in practice but it not looks like CJ strategy.

Tom822 » Wed Dec 16, 2015 8:10 pm wrote:
Sure, but even on H4 timeframe there was 3rd level, so if I remember it correctly after 3 days of uptrend we should get 3 days of downtrend. Moreover, in some posts even CJ wrote to stick M15 charts before you do not start to recognize this 3 days cycle.

Tom822 » Wed Dec 16, 2015 2:10 pm wrote:
Sure, but even on H4 timeframe there was 3rd level, so if I remember it correctly after 3 days of uptrend we should get 3 days of downtrend. Moreover, in some posts even CJ wrote to stick M15 charts before you do not start to recognize this 3 days cycle.