Focusing attention on the weekly leg from April 2015, I've drawn significant weekly S/R levels, labeled in grey. 4H levels are labeled in blue. In order to keep price localized, I highlighted the leg I am interested in retracing with a circle. The falling wedge tells me that momentum is shifting, setting up for a pop back to the 1.0785 area. Notice how I tied time frames together (weekly-4H), instead of wasting time trying to draw fibs and pretty abstract looking triangular abstract animal butterflies ,crab, and bats. Not understanding where I am in relation to price movement should be a crime if you're a serious trader. Drawing abstract looking polygon animals doesn't really help me understand where I am in relation to the leg price is trying to retrace.
If we switch to the 60M chart, I should see significant momentum erosion as price is offsetting more and more bearish momentum. Is this not the purpose of a failing wedge? This is super basic TA. Simple patterns, using logic, that allows us to make confident trades.
If we switch to the 60M chart, I should see significant momentum erosion as price is offsetting more and more bearish momentum. Is this not the purpose of a failing wedge? This is super basic TA. Simple patterns, using logic, that allows us to make confident trades.
Nota
Weekly/60M side by side view illustrating retrace leg and smaller time frame momentum erosion.Nota
Momentum is set in for the pop.Nota
Dagangan ditutup: sasaran tercapai
All these doubting dumb fucks. Never doubt me.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.