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Al says that if we find a reversal pattern on the 5-minute chart with many bars, we should look for it on the longest possible time frame where it appears and is clear. He also says that if the legs last around 5-10 bars, you should look for a tbtl reversal in the same time frame. What was not clear to me is whether the legs inside the pattern should be around 5-10 bars for you to look for a tbtl reversal. Do the legs within the pattern need to last for about 5-10 bars to look for a tbtl reversal or can the legs last for more than 10 bars or less than 5 to look for a tbtl reversal?
Hi Newton!
For reference to those who may want to review it's Video 7A:
20:25 "In general, whether you're a scalper or a swing trader, you should wait until the legs are reasonably good, a good size, 5 or 10 bars, and a pretty good number of ticks/pips."
20:45 "In general, if I see any kind of a reversal I look at the highest timeframe where the pattern is present. So if there's let's say a wedge top on a 5-minute chart, I'll look at the 15M chart or the 60M chart to see if there's also a clear wedge. Then, if I'm looking for a correction, Ten Bars Two Legs, I expect the 10 bars to be on the highest timeframe chart. So if the 5M chart has a wedge and it takes place over 100 bars, and there's also a wedge on the 60M chart and each leg is 5-10 bars, then I look for a 10 bar correction on the 60M chart."
So Al is saying that the legs on the chart you're trading should be at least 5-10 bars and also on the HTF chart they should be at least 5-10 bars as well. Everywhere it should be at least 5-10 bars.
Hope that helped and let me know if you want to chat more.
Cheers!
CH
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But for you to look for a tbtl reversal is it mandatory that each leg has about 5 to 10 bars?
In that same video Al mentioned that it's difficult to make money trading patterns that are too small. I think that's the main idea that he's trying to convey and so advises to wait for a market that has a healthy range in terms of points and amount of bars per leg. This probably becomes even more important when trading with stops. So yes, probably want to make it an explicit rule for yourself to wait for at minimum 5-10 legged moves before looking to take TBTL reversals. Otherwise may end up buying too high or selling too low in what's basically some kind of TTR.
Hello, is there anywhere else within the course I may be able to find more video examples (or other info) of the TBTL reversals. I get the point but the application is still a bit vague for me. Thanks😊
