All the world's a stage and we are merely players.
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Friday, February 27, 2015
London open 27 Feb '15
Perfect example of test or break and test of range this morning. Moves up fail, clean AB moves lower, test of range or break and test of range (depends on which pair you look at), small BC retrace to set up the lower high, GBP weak across the board.
I am a bit confused with the difference between "test of range" or "break and test of range". I know something about "break and retest of range". That is clearly a strong signal. But how about "test of range"? can it be a strong signal? these 3 pics all look "break and retest of range" to me.
Hi Roger All I can suggest is to be aware and watch out for it. But remember you are looking for all the elements i.e. a failed move in a direction, clean move to other end of range, small retrace and then finally some agreement from other pairs for confirmation of strength/weakness. For example gbp weakness in the above post. Putting all together does give a strong signal.
Hi Vantage,
ReplyDeleteI am a bit confused with the difference between "test of range" or "break and test of range". I know something about "break and retest of range". That is clearly a strong signal. But how about "test of range"? can it be a strong signal? these 3 pics all look "break and retest of range" to me.
Hi Roger
ReplyDeleteAll I can suggest is to be aware and watch out for it. But remember you are looking for all the elements i.e. a failed move in a direction, clean move to other end of range, small retrace and then finally some agreement from other pairs for confirmation of strength/weakness. For example gbp weakness in the above post. Putting all together does give a strong signal.
Sorry for long delay in above reply but I really didn't pick up your comment as awaiting moderation, my apologies.
ReplyDelete