superb strategy on GBPUSD

ChocolateDigestive

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This is superb. Newbies enjoy.

check the video below

How To Look For Price Action History To Repeat Itself | Trading Strategies.

On this video I'm highlighting a discretionary process to help look for Price Action history to repeat itself. In a nutshell I'm simply looking for the live part of the chart to look similar to a point or several points of reference on the historical chart. From then I'm trying to build an expected outcome assuming that history does indeed repeat itself.
 
It's not the best example (for newbies in particular) as we all know what happened from the recent 5234 lo (a rally to a current 5927 hi.) ie history did not repeat itself as the author would say. (This in itself is not the problem I see here as patterns don't always repeat.) I like the stuff Phil Newton does but I don't think the 2 'patterns' he is highlighting in the video are very comparable (although I gecan see what he is getting at)... Maybe I am just being anal but I recognise the pattern at the 'live part of the chart' as a repeating pattern (intermediate expanding triangle) which indicates a potential price reversal not a continutation (in the down move) whereas the historical pattern he refers to is not the same in the sense of obvious fractal swings etc and therefore for me - he is not strictly comparing like with like. I prefer like for like patterns not something that looks a bit like something else, ie patterns that have identifiable characteristics that are the same.

The message though about patterns repeating is good.

G/L
 
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