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In this lesson we will be looking at an alert called pullbacks. Lets start with a specific example, the 25% pullbacks from the lows based on the open. This pullback starts at the open of the current trading day. As the day starts, you can see the candles are headed down, but this is brief. A new low is reported and as the candles start to climb back up to the open, an alert is triggered when it reaches 25% of the way back up to the open. This next pullback alert is almost exactly the same. The only difference is that instead of reporting at 25%, this one reports at 75 %. It still starts from the open, and starts to climb once it finds the new low. The next pullback alert is similar but in the opposite direction. As the candles rise and put in a new high, the 25% pullback from the open is the first to trigger. As the stock continues down, the 75% pullback alert triggers. These alerts can be reported several times a day. Now instead of starting from the open, this one is going to start from the previous close; still very similar, the only difference is we are starting from yesterday’s close and not today’s open.. Ok, as we continue, our stock is traveling down again. Not to worry, this next set of pullbacks are going to be starting from today’s open, and track down to the new low and the alert will be reported when we reach either 25 or 75% of the distance from the new low to today's open. Triggering from Yesterday’s close would result in the following alerts. The 25% pullback from the close followed by the 75% pullback from the close. These alerts examine and report on every print, so these pullbacks are usually used as a warning of something coming.... The last set of pullback alerts I will be introducing is similar to the previous alerts and are very popular with the Fibonacci traders. These are the pullback alerts without the C or the O. They track a stock as it move to new lows or new highs, and then report when the stock moves 25% or 75% of the way back. These alerts will automatically choose between the stock's open and its previous close as it will pick whichever of the two will cause the pattern to be bigger.
