superb strategy on GBPUSD

[ChocolateDigestive]

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.

 

[bbmac]

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