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I know my posts here will be unwelcome but here is a great example of a dark hammer pattern.
While this is not a VSA thread, I would point out the Demand entering the market as the hammer pattern is being formed. Those who follow the VSA thread might notice the valid short at the No Demand on the top of the chart. This short was validate by weakness on the 15 min timeframe as well (this is a 5 min chart). |
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Looking at your chart here PP, looks great!! Putting the
VSA items aside since I don't use them (as you do at least), it basically looks like candle patterns at the extremes on the first WRB of the day for trade setups. Again, not exactly as you are using them but for sake of discussion here I see a Support/Resistance area designated by WRB. If so, we see a few possible trade setups here:
A few possible trades looking at creating S/R zones on WRB.
Now the next question I have is, what about the other WRB's that appear on the same chart?
By using Mark's definition of a WRB, I believe there's at least the ones I highlighted. So, during the day on this 5 minute chart how do you handle these other obvious WRB's? Or is there a reason they are not used?
I'm trying to see how/when a WRB is to be used for trading reference and when to ignore them, if you do at all.