The idea that confirmation price action signals will generate trading profits consistently?
Watch this video and see why they don’t.
- The majority of institutional orders are occuring during London session the Reuters fix or the New York session and they’re mostly limit orders.
- A poor Feedback loop. The number of trades you’ll take waiting for these signals means that you’ll take less than 5 or 10 trades a month.
There is no point of looking for confirmation.
If there is, traders putting a stoploss above pinbars or whatever the candlestick pattern is, makes no sense.
If that is a confirmation they should be so confident that they shouldn’t need to place a stoploss, but they do, so in the end it negates the whole idea of confirmation.
If you are looking at a level to enter just go to 5min charts at the level and watch the price action forming live and then enter.