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TOPIC: ILU - Key Reversal Bar At Bottom
#1220
GreggO (User)
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ILU - Key Reversal Bar At Bottom 4 Years, 2 Months ago Karma: 0  
Hi guys,
I found this Key reversal bar on Iluka Resources. I dont know a great deal about the CCI tool, but I was of the understanding that the CCI (10) needs to be below -150. Is this correct? In this instance the CCI (10) was -76, CCI (20) was -142. Would this have kept you out of the trade. Is there anything else that should be taken into consideration.

Cheers
Gregg
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#1221
Deon (User)
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Re:ILU - Key Reversal Bar At Bottom 4 Years, 2 Months ago Karma: 0  
Howzit Greggo

not sure if my memory serves me well, but isnt the open meant to be lower than the low of the previous bar?
Deon
 
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#1222
GreggO (User)
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Re:ILU - Key Reversal Bar At Bottom 4 Years, 2 Months ago Karma: 0  
I had in my formulae for a key reversal that the open of this week should be less than the close of last week. Do you suggest I change it to open of this week should be lower than the previous low?
 
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#1223
Deon (User)
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Re:ILU - Key Reversal Bar At Bottom 4 Years, 2 Months ago Karma: 0  
hi greggo

sorry its taken so long to get back to you

here are rob's rules :
1. It must be at the bottom of a well established down trend
2. The open must be lower than the previous bar‚Äö?Ñ?¥s close (i.e. open of C is lower than close of B )
3. It must make a new low of price action (i.e. low of C is lower than low of B )
4. It must close above the previous high (i.e. close of C is higher than high of B )

not sure if these rules are universallly accepted, havent done much reading or testing of them

but yes you are correct - we have a key reversal bar there (ILU), Rob has outlined a strategy for these in one of the "in a nut shell docs" 20070209. There was no mention however, of the CCI? have u done any testing on the strategy to see if it works?

cheers,
deon<br><br>Post edited by: Deon, at: 28/11/2007 16:23
 
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#1224
GreggO (User)
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Re:ILU - Key Reversal Bar At Bottom 4 Years, 2 Months ago Karma: 0  
Hey Deon,
Thanks for your help. I havent done a great deal of testing on key reversal bars. I just wanted someone to confirm this as being one and what other confirmations could be used for a buy signal. I will go and check out that &quot;In a nutshell&quot; section on key reversal bars.

Thanks
 
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