Definition of a SwingPoint Candle:
Low swing point: one candle makes a low, the second candle makes a lower low (SwingPoint Candle), and the third candle makes a higher low (Confirmation candle).
High swing point: one candle makes a high, the second candle makes a higher high (SwingPoint Candle), and the third candle makes a lower high (Confirmation candle).
Today we saw the highest probability set up on the 30M EUR/USD chart.
A SwingPoint Candle was confirmed by the Confirmation candle that closed at 9 am GMT. After that you should wait for a pullback that goes down to about halfway on the body of the Confirmation candle. When price is coming back, a long position could be opened at 1.2671 indicated by the blue horizontal line. SL is 2 or 3 pips below the SwingPoint Candle. TP is double of the maximum allowed drawdown which usually comes to a point near a pivot or R/S.
The strongest SwingPoint setup occurs near or on Bollinger Bands.
CandlePro gave us excellent double confirmation signal on the 15M candles at 8.30 am
and one more even stronger double signal at 8.45.