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Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, May 26, 2011.
Please use this thread for questions, answers, and comments on this lesson.
Old School is not always best
I was looking at these candle patterns and the definitions that you are using to identify them and they seem very old school. This is confirmed when you look at the age of the data in the charts.
The definitions seem to be based on the idea of individual trading sessions, thereby giving the market regular opportunity to have opens that open above the last high (for a true DCC / engulfing pattern). Because NY market data back in 95, 90 and 79 might not of had the data of Tokyo and London trading or vice versa.
However, is there a possibility of newer definitions with the now perpetual 24 hour market data, because the opens in the current day market rarely have the opportunity to gap to form the above powerful patterns?
that is true only for intraday and daily charts. On monthly and weekly there still could be gaps. Even on daily, when new week starts.
Still, the description will not change drastically, if we eliminate gaps off. For, instance you oftener will see engulfing, then clouds, harami will have second candle near the top/bottom and not in the middle etc.