can u check this, am i right about passing resistances without confirming them as support?
UnknownUnicorn461520
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@TodorStanev, No. The supports you are now concerned with will come from the downtrend, and must not be tested.
TodorStanev
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Arent weekly supports getting tested mostly on daily chart? I mean they are still supports untill we close bellow them on the current time frame, same with resistances this monthly one will driving the price down unless we magicly close above it at the end of the month. Thats my theory basicly.
@_Dope_Trades, well im not that confident thats why im asking, dont have much technical knowledge, but im following some of your ideas + some of my theories. I noticed that higher timeframe support can be abused on lower time frames, but at the end of the day its still acting like price magnet, same for resistances wich are not gained. Lets say u can have monthly resistance below weekly support, for example xvg.
TodorStanev
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@TodorStanev, this is my example, support gained on weekly level, but that monthly resistance is still there so the price will feel greater gravity than weekly supports can hold
TodorStanev
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My english is not the best so im trying my best to explain :)
TodorStanev
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U can see inside last monthly candle u can gain all kind of lower time frame supports, but not the monthly itself until the candle itself is done
can u check this, am i right about passing resistances without confirming them as support?