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Weekly Charting - 17th November 2017, page-41

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farmlife

349 Posts.

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19/11/17

13:20

Post #: 28928285
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Originally posted by Jako8557 ↑

Second last bar looks like a mini shakeout (sort of a violent or more aggressive test bar, that dips deeper than a standard test bar, so it doesn't have a narrow spread). It is not a really deep shakeout, so I would call it a mini shakeout, if you want a name for it.

Yes the last bar looks like a 'potential' test, it needs an upbar next to confirm it (or a secondary test or sideways bar to delay the confirmation either way).

I used to attend the webinars of a guy who loved to see a shakeout followed by a test (or vice versa, but preferably with the shakeout first).

He would say " a shakeout and a test equals a breakout", or depending on which order they were in at the time, "a test and a shakeout equals a breakout"

and he was often right.........not always, but quite often.....

cheers

PS - it doesn't matter is the open is showing on the bar. Some traders even find it beneficial to have it (for the trading aspect, not the chart reading).

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Thanks @Jako8557 as it has the higher volumne at the top of the range and I take that as a good sign, I will be watching this with interest. Thanks for your insights has helped me a lot.
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