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Hi All,
I have been studying Al's video for a month now and was confused a bit by H1, H2 etc. I referred to the other threads which was created on the same topic and believe that I got an idea. Based on my current understanding, I marked the H1,H2 H3 and L1,L2,L3 in the attached chart. Will it be possible to take a min or two to review and advise if I did it correctly. I just need to make sure I am understanding it correctly. Thank you in advance for your time and help. 🙂
You got the general idea spot on. There are a few places here and there where I might reset the count but that doesn't mean yours isn't right.
Just keep something in mind, while you're looking for H1 , H2, H3 etc. in a bull trend, you'll eventually need to watch out for the L1, L2, L3 etc. as well. The market tops and bottoms will always be a variation of these specific patterns, right? No other way.
One more thing, you are looking for very minute H1/H2 or L1/L2 patterns. Even the bigger double tops and bottoms are also H1/H2 or L1/L2 patterns.(This point might not be very clear to you, so if you have a doubt, do ask and I'll try to explain it to you using an image).
But, don't worry about all these things too much. Proceed with the course and these things will become more clear eventually.
This is not only for the OP but also for everyone else, who have been recently asking so many questions about H1/H2/H3 or L1/L2/L3 pattern. A page from the Encyclopedia has been shared on the very same topic in the daily report post authored by Brad Wolff. Do check it out.
You got the general idea spot on. There are a few places here and there where I might reset the count but that doesn't mean yours isn't right.
Just keep something in mind, while you're looking for H1 , H2, H3 etc. in a bull trend, you'll eventually need to watch out for the L1, L2, L3 etc. as well. The market tops and bottoms will always be a variation of these specific patterns, right? No other way.
One more thing, you are looking for very minute H1/H2 or L1/L2 patterns. Even the bigger double tops and bottoms are also H1/H2 or L1/L2 patterns.(This point might not be very clear to you, so if you have a doubt, do ask and I'll try to explain it to you using an image).
But, don't worry about all these things too much. Proceed with the course and these things will become more clear eventually.
thank you very much for the response Abir. It helps. I wanted to test if I got the idea correct and that is why I tried to identify all the h1s and H2s I could find.....
Yes I got a bit confused on the bigger double tops and bottoms.... If I understand correctly, you might be referring to bigger swings and considering then in higher time frames? But one doubt I have with regards to that is, what is the criteria that I should use to determine if its big enough for consideration.. Because the price might be making h3 or h4 already as the swings get bigger.
Thank again for the help.
This is not only for the OP but also for everyone else, who have been recently asking so many questions about H1/H2/H3 or L1/L2/L3 pattern. A page from the Encyclopedia has been shared on the very same topic in the daily report post authored by Brad Wolff. Do check it out.
Yes. Thank you for referring to the page from Brad. That was helpful
If I understand correctly, you might be referring to bigger swings and considering then in higher time frames?
Bigger swings yes. No need to consider them on a higher timeframe though. When you're starting out, you don't need to look at different timeframes. Looking at one will do. You just need to make sure that you're aware of what is happening on the timeframe you're looking at and trade that accordingly. You can look at different timeframes when you're capable of finding patterns on the one you started out on, that'll add more ammunition to your arsenal.
But one doubt I have with regards to that is, what is the criteria that I should use to determine if its big enough for consideration..
All the patterns work, regardless of how small or large it is. You just need to identify whether it is relevant enough for your consideration. There are several smaller patterns that keep forming through the day and it is upto a trader's discretion whether to consider it in their trading decisions or not. If the pattern is too small - odd are the consequences might not be worth trading and you'll just end up managing your trade more than you need to.
It is a discretionary thing - you'll have to get a feel of it. This feeling or intuition comes with studying the course to the full, repeating it over and over until you can't find any new information in it and applying what you're learning in real time.
If you have something specific in mind, do share. Either me or someone else who is much more experienced than me will be able to share their insights.
Hi Abir,
Thank you very much for the explanation. Appreciate your help very much. I am still learning and going through the initial sections.
Yes Sure. I will ask whenever I have things to clarify. I am good for now. Thanks again.
This is not only for the OP but also for everyone else, who have been recently asking so many questions about H1/H2/H3 or L1/L2/L3 pattern. A page from the Encyclopedia has been shared on the very same topic in the daily report post authored by Brad Wolff. Do check it out.
By any chance, have a link to the post?
Check out the daily report of 11th May 2022 and you'll find it. If not, check out 10th and 12th as well and it should be there.
