When we have a break of structure, meaning a break of the ongoing HH and HL, the price starts first to print a lower low. The Quasimodo trading strategy provides us with a proper framework to interpret the constant ebbs and flows of any asset currency, cryptocurrency, stocks, commodity, etc. The bearish Quasimodo pattern is in short concerned with how the market comes from a buying momentum and heads towards the selling momentum. The Quasimodo chart pattern starts to become visible only once the price fails to make another higher low HL.
For some novice traders, this type of information might be enlightening because now you can have a proper framework to analyze the price structure.
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You have to keep in mind that this is one approach to view the markets and by no means the only one. As a general rule, the Quasimodo pattern carries more weight if the second valley is much lower than the first valley. In other words, the bigger the distance between the two valleys, the more crooked the Quasimodo pattern becomes.
If you want to test how crooked the Quasimodo chart pattern is, simply draw some lines along with the price structure. When you do this, the Quasimodo price structure will pop up on your price chart. The only extra tool we need to optimize the Quasimodo trading strategy is the Fibonacci retracement indicator.
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The Fibonacci retracement indicator can help us anticipate where the last price swing that is part of the Quasimodo chart pattern might end. If you need to learn the best backtest strategy check out our blog! The Fibonacci retracement levels can help us identify reliable price zones of support and resistance. Another key point to take into consideration when you trade the Quasimodo pattern is the quality of the swing highs and lows.
We need to find a mechanical approach to quantify the quality of the swing highs and swing low points. As a general rule, we consider a qualified swing high swing low only those points that have a V-shaped pattern. These price formations are also known as V tops and V bottoms. A V-shaped swing low can be easily recognized by the price sharply switching from bearish to bullish respectively from bullish to bearish.
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The main point to take is that when the Quasimodo price structure is V-shaped, you can bet your house on it. In summary, Quasimodo pattern trading is a new technique used to catch trend reversals.
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When all the elements of this reversal pattern come together, you have a receipt for success. With our Quasimodo trading strategy, you now have a proper framework to tame the high volatile forex market. As we can see from the above, the Quasimodo or Over and Under pattern is a relatively simple pattern, basic quasimodo forex , which when used in conjunction with other trading strategies or signals offers a great way to increase the probability of a trade set up.
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Quasimodo Pattern | Advanced Price Action Trading Concept 2021
Please remember these basic quasimodo forex volatile instruments and there is a high risk of losing your initial investment on each individual transaction. Add your review Cancel reply Your email address will not be published. Types of Forex orders. Forex Leverage Definition. Newest Forex EA, Basic quasimodo forex. Social Networks.
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Facebook Twitter YouTube Subscribe to us. Call it whatever you want, but if you're looking for a price pattern to trade you might want to give it a look. Invite friends From contact list. Restore password remember me. From More details here.
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