Moderator's Note: This thread had to be resurrected (after a mishap resulting from my ignorance) so please excuse some of the 'editorial' notes folks, my apologies! Thanks to Coyotte for such an excellent job, I'm sure we all very much appreciate the effort put into this thread.
OXR ENTRYOriginally Posted by Barney
Chart is showing the use of COUNT BACK (Guppy/Wilson)
Count Back is used as a confirmation of a break out into a new tread.
eg: is not used with price target trading.
From the HIGH of the LOW bar : count back (in that tread) untill U hit the bar with a higher high = CB2 : from this bar count back untill U hit the bar with a higher high than CB2 , this bar = CB3 .
The price must CLOSE above CB3 --- that close is the trigger for a entry the next day ---- the STOP is from the new high bar -- from the low of this bar count back to the next bar with a lower low = CB2 , then the next bar with a lower low = CB3 -- CLOSE below is the exit.
For a safer entery U can wait untill there is a second CLOSE above CB3 (original) for confirmation .
May : Failed
June : Entry --the green line is the trigger ,the red line is the initial STOP.
July : Failed
Aug : Entry -- same as above
Sept: Entry -- As the trigger close was a manipualated price , I would ignore it and use the CB3 as the STOP
will follow up later with C/B & Indicater Divergence as a STOP in a Trend Trade: