Richie
Price Structure Trap Pattern
The Richie is a price pattern that often traps sellers, setting the stage for a potential upward move.
The Bee Hive pattern often traps both buyers and sellers, causing short term confusion. The up swing of the "Fast V Reversal" provides temporary relief on the buy side, attracting new buyers and then the swift down leg attracts new sellers while targeting the sell stop losses of those new buyers at the same time.
Previous sellers still holding their positions may exit their short at close to breakeven, adding to the buy pressure. This fast reversal trap move amplifies the explosiveness of our potential long entry.
The Richie strategy emphasizes the importance of implementing patience by stalking trades while the pattern is unfolding to align with the higher time-frame bias and waiting for a valid entry strategy at the right moment.
The Richie may have an increased probability when the AlgoBox™ bias shows LONGS FAVORABLE.
When the low of the Bee Hive range has been reached, look for more confluence of reversal signals such as:
and other strategies.
Video Tutorials: Richie
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