First of all, this is the ICT Breaker concept from ICT (Inner Circle Trader) on YouTube, all credit goes to him.
I've outlined a nice example of this strategy in the chart. I use this a lot and it's really simple to understand and notice once you catch a few of them.
I'd love to see you try to find more examples. Feel free to post them in the comments and we can discuss them!
Things to look for: - Same concept applies for longs, but inverse. - The candle block you're using must precede a move that takes out a previous swing point (low or high). - If the price does retrace to that block as you expect, but starts consolidating and pushes back into it repeatedly, it could be a sign that it wants to move back through it. The market is sometimes tricky like that.
Also, here's a bonus confluence factor - if you pull the fib retrace tool from the top to the bottom of the move, you can see that our block falls right between .62 and .79 fib levels. This is another good indicator to confirm your bias.
Would you mind telling me the symbol color from this chart?
jasond1
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@Richardwerka, (I just noticed you are asking for the color... let me get a color picking tool...)
It's EURUSD on FXCM exchange, but you can also pick other exchanges since this forex pair is popular, you will find many brokerages quoting it with different pricing... Oh, and just so you can find it easier nex time... Look at the title of the post:
A 100 pip short based on a support-to-resistance flip
EDUCATION
Euro / U.S. Dollar (FX:EURUSD) 1.18976 −0.00150 −0.13%
UnknownUnicorn3664665
Nov 10, 2018
Notice that afer the name: Euro / U.S. Dollar
You will see (FX:EURUSD)
That gives you the exchange FX
and it gives you the symbol: EURUSD
jasond1
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@jasond1, Tough question... Tradingivew makes this difficult. There are no exact colors. They don't let you copy hex codes for colors, and with the opacity filter, you can multiply the number of colors by 100. Guess have to wait for an answer from the chart artist himself. Or perhaps have a look at this method: stackoverflow.com/questions/6672374/convert-rgb-to-rgba-over-white and specify the black background color. There may be online tools that will do this extraction for you but I didnt find one right away... Only found a few tools that extract colors but they don't work as well as I would like. Nice challenge...