Quasimodo
this is a quasimodo in buyning side when price is correct.
In Latin : Quasimodo means a new born baby.
Hence in price action Quasimodo means a new born trend.
For us the Quasimodo is a Price action Pattern which Suggest a long term reversal in trend of a particular Script.
key Level:
Found at all time high area
After a substantial rally at the top near to a Supply or MPL.
After a substantial Fall at the bottom near to a Demand or MPL.
There will be two Subsequent Engulf, Exactly opposite to each other or an engulf and a fake-out exactly opposite to each other.
The second engulf or False-Out will decide the direction of the Move.
Structure of an Quasimodo is H, L, HH, LL for Supply and L, H, LL, HH for Demand.
The second engulf should not be a reaction of the same demand or supply of the previous High or Low, as the case may be.
A Quasimodo level can be a FL or SR Break moment.
Quasimodo always contain a MPL inside it.
Where to look quasimodo:
Entry = Quasimodo level
Stoploss = Below the Quasimodo level
Target = opposite level
In Latin : Quasimodo means a new born baby.
Hence in price action Quasimodo means a new born trend.
For us the Quasimodo is a Price action Pattern which Suggest a long term reversal in trend of a particular Script.
key Level:
Found at all time high area
After a substantial rally at the top near to a Supply or MPL.
After a substantial Fall at the bottom near to a Demand or MPL.
There will be two Subsequent Engulf, Exactly opposite to each other or an engulf and a fake-out exactly opposite to each other.
The second engulf or False-Out will decide the direction of the Move.
Structure of an Quasimodo is H, L, HH, LL for Supply and L, H, LL, HH for Demand.
The second engulf should not be a reaction of the same demand or supply of the previous High or Low, as the case may be.
A Quasimodo level can be a FL or SR Break moment.
Quasimodo always contain a MPL inside it.
Where to look quasimodo:
Entry = Quasimodo level
Stoploss = Below the Quasimodo level
Target = opposite level
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.