There is a reason I made the Candle Fabricator routine.
Let’s look at what the “86 filter” was capable of picking up on with these and similar premises:
///in order to this week to be the swing low, the week has to make a lower low and /// it has to close up by 85 pips and be black /// or it as to close up by 50 pips, the previous week has to be black and the current low has to be below the previous close by 85 pips /// you want to see a tomato wick for a bottom
It looks good, doesn’t it? But what about the current low?
Be a fox and think outside your socks.
If you combine the last two weeks as a bi-weekly candle, it would fulfill the criteria of a long wick at the bottom.
As you can see the original premises already had the idea of reaching beyond the restraints of a single time frame by combining the last two weekly candles to measure a wick that is larger than 85 pips.
This current example needs a little more finesse.
(Close[i+1]<Open[i+1] && Close[i+1]-Low[i]>850*Point && Close[i+1]-Low[i]>550*Point && i>0 && Low[i+1]<Low[i+2] && Close[i-1]-Low[i-1]>460*Point)
I myself said that it was not a valid low. And it wasn’t until the next week printed and my vision along with my filters had to be re-adjusted to spot Jon and his Wick.
Rather different picture now, isn’t it? Do you still trust candles of a single time frame? I urge you to re-consider!
Let’s do some traffic for Brian Hazard as well…