> Hi Dear Sive;
I really appreciate all your education and assistance!
(I don’t miss a video of yours for months already!)
First a small clarification. At the end of this chapter #3 and #4 seems contra..
Looks like you’ve told about 2 and 3… There is no contradiction here:
1. Second rule tells that level becomes weaker with each touch.
2. Third rule tells that not the level will be stronger, but move after breakout, if level holds for a long time.
So, while in first case we speak about the move after breakout, but in the second about strength of the level itself.
Doesn’t it contradict to the double bottom idea?
Please clarify how you see this contradiction, looks like I do not quite understand.
1) In terms of entry setups; how did you know not to enter at the inside bar and the doji before? how did you know to wait for the w&r? In lots of cases with the strong supports that you teach us the..
Here we do not analize, say, where better to enter or how we could enter in different points. You’re right that probably we could enter in that point, that you’ve spoken. But this chart has a bit another application – just to show how wash & Rinse looks, and what to do, if you’ll see it.
Here I do not mean that I enter precisely here with W&R. This is just initial chapter about the lines – you need to wait a bit, when chapters about trading the lines and making overall trading plan will be released 😉
The support area was tested numerous times. What gave you the confidence that we’re shooting upwards from here? Doesn’t it condradict with #4 at the end of this chapter?
Well, if we rely purely on W&R pattern – that’s become clear, because this is Bullish pattern and tells that we should move higher.
What contradiction do you see with this:Stop Licking is a fast pattern, so if market has broken support/resistance level (i.e. closed below/above it) and holds there for 3 periods (i.e. 3 bars/candles) or more, then probably this level has been erased by market action and not valid any more.?
In general this is initial chapter that has no target to discuss the trading of the lines but to show different scenarios. There will be another chapter that will be dedicated particularly to trading.