Does your Hp well graduated?

 

Hello ,

As you know one can go far away and/or fast on high way than on a local road..

....You can try here to construct highway for your HP...

1)The first step is to find an HP...anykind of pattern : Gartley,Cypher,121,Shark,...

2)Then evaluate your HP by ranking it ..according to the below system of point

This point sytem let you select good HP from bad one ,which can push you on hazordous trade...

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Here is the toolkit for that purpose:

* lower ,current and higher time frame(ltf,ctf,htf)

* resistance/support near PRZ (RT/ST)

* indicator divergance (indicators propsed by your broker : rsi,obv,macd,stoch,cci...)

* items on this list must be fullfiled by your experiences

....and the purpose of this thread is find a common table...and your experience would surely finishing it

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This point system headlines are:

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*Maximum score is 10/10

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*Give 3 point : For the ctf HP that you are analyzing (that is a minimum for rating its qaulity)

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Is there on ltf/ctf/htf multitimeframe HP around ?

*Add +2 : If there is/are other HP ,on ltf/ctf converging to the ctf hp's prz

*Else +3 : if there is/are other HP , on htf converging to the ctf hp's prz

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Is ctf HP is surrounded by RT/ST ? ( prices may bump into them = addi more reversal power)

* Add more +2 : if near ctf hp's prz ,there is/are RT/ST on ltf/ctf

* Else add +3 : If near ctf HP's there are RT/ST on htf

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Is there a divergance (reinforcing reversal condition)

* Add +1 , if there is/are divergence with some indicator

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All critics,analyses must be construtive...here you can improve it by introducing fibo ratio,fibo expansion,...

 

i must take in consideration

>htf trend (if it is against or with ctf hp reversal direction )

>confluence of fibo = same aspect of convergence of mutitimeframe hp ?

>does Fibo expansion play a part?

 

Still now there are 19 combinations for this point system

...plan to add soon advantage/disadvantage htf trend ...

Files:
system_point.png  131 kb
 

fine tunning on div : div should be with oversold/overbuyed on the current time frame

 

fine tunning table :

if on two higher time frame the trend is against ,substract -3 => this will give you indication "dont fight against the strong opposite trend ,and wait for more reversal sign" ...

So by reporting that extra condition the minimum could be 0/10 not 3/10...

 

As you can see , this empiric approach can assist your trading decision ...

 

Here is a new point system with htf trend consideration...my next step is about fibo expansion

Files:
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