Quasimodo Pattern | Advanced Price Action Trading Concept 2021
What Is Quasimodo Pattern in Forex?
Quasimodo Pattern is also called as OVER & UNDER Pattern. It is a reversal pattern that is created after a significant obvious trend. When a series of higher high, higher low, or lower high lower low is interrupted, Quasimodo Pattern is created. It is a double-ended cheater strategy. It is used as an intraday price turning point. So the Intraday traders can use it as an advanced price action trading pattern.
Quasimodo is one of the most profitable chart patterns in the forex. It repeats itself all the time. The key is to identify, and most importantly, react to them, when the trading opportunity arises.
How do I trade Quasimodo?
Sell Trade Setup
Price creates a high
Price creates a low
Price breach the high and creates a higher high
Then price breach the low as well and forms a lower low
Now place your pending order (Sell Limit) at QML(Quasimodo Line) or execute a sell trade with your pre-planned entry technique.
When price comes back to the high your pending order will be triggered.
Place your stop loss just above the last MPL.
Take Profit
Take your profit up to the next trouble area. Breached high or low should be the minimum target area. 1:3 is a standard risk-reward ratio that can be applied in this price action trading strategy.
Quasimodo Pattern is also called as OVER & UNDER Pattern. It is a reversal pattern that is created after a significant obvious trend. When a series of higher high, higher low, or lower high lower low is interrupted, Quasimodo Pattern is created. It is a double-ended cheater strategy. It is used as an intraday price turning point. So the Intraday traders can use it as an advanced price action trading pattern.
Quasimodo is one of the most profitable chart patterns in the forex. It repeats itself all the time. The key is to identify, and most importantly, react to them, when the trading opportunity arises.
How do I trade Quasimodo?
Sell Trade Setup
Price creates a high
Price creates a low
Price breach the high and creates a higher high
Then price breach the low as well and forms a lower low
Now place your pending order (Sell Limit) at QML(Quasimodo Line) or execute a sell trade with your pre-planned entry technique.
When price comes back to the high your pending order will be triggered.
Place your stop loss just above the last MPL.
Take Profit
Take your profit up to the next trouble area. Breached high or low should be the minimum target area. 1:3 is a standard risk-reward ratio that can be applied in this price action trading strategy.
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