candlesticks to trade the strategy, ohlc charts also work. It is a simple price pattern that is simple to spot on your charts and many swing traders will find it easier compared to other more advanced swing trading strategies and systems. Each broke out line turns into a new support. I know that I usually cant pick the exact Fibonacci level the price will reverse at, and even if I get the level right the price may overshoot it or undershoot. The fat part of the candle marks the distance between the open and close of that bar, while the wicks mark the high and low.
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Once the price enters that approximate area, I wait for a slowdown. 1 2 3 Reversal, you can see there is nothing complicated about this price pattern and the 1 2 3 reversal is simply a breakout of highs or lows after an impulse/corrective move in price. Engulfing candles occur quite often, which is why we need additional criteria to trade them. One of the easiest ways is to just trade the breakout of the pattern. . On my charts, up candles are green because the close was higher than the open.
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