Resistance becomes support (Red arrows)
The new support was tested 2 times by the price which gives more validity to the concept that resistance becomes support
Pattern recognition: I follow 1300 companies approximately and spend hours searching in my watch-list, from Basic Materials to Transportation Companies.
When I recognize a pattern it does not take more than 10 seconds, then I put the name in other list (The price action list)
I use a (Multiple Time Frame Analysis) combined with moving averages for trend following plus the concept of resistance becomes support
and always pay attention to overnight gaps.
The moving averages setup that I use for my weekly chart is diferent than the set up that I use for my daily chart
Look:
Weekly WMA 36-54-74
Daily WMA 110-190-290
The interpretation is discretionary and not a mechanical system
The new support was tested 2 times by the price which gives more validity to the concept that resistance becomes support
Pattern recognition: I follow 1300 companies approximately and spend hours searching in my watch-list, from Basic Materials to Transportation Companies.
When I recognize a pattern it does not take more than 10 seconds, then I put the name in other list (The price action list)
I use a (Multiple Time Frame Analysis) combined with moving averages for trend following plus the concept of resistance becomes support
and always pay attention to overnight gaps.
The moving averages setup that I use for my weekly chart is diferent than the set up that I use for my daily chart
Look:
Weekly WMA 36-54-74
Daily WMA 110-190-290
The interpretation is discretionary and not a mechanical system
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.