There is always a story being told on the chart and it is everchanging. You should be patient but that does not mean that you stop reading the chart altogether. Tweaking levels because of price action is okay if you use the right tools, looking for data that changes things. Money Man uses this approach to decide on levels to adjust his position size and average buy price, deciding what is acceptable movement and what is too rich for his blood.
The current consolidation has led to some minor tweaks as to targets. The previous Green Target 2 has been reached and is now Decision Box 1. Previous Decision Box 1 has turned into Decision Box 2 (all with minor adjustments) and Red Targets have shifted. Essentially the precept of a notable move from the Previous Target 2’s (Red and Green) is still there, but we have managed to build some more possible support. The new Red Target 2 is not strong, but the price action showed it to be there, so some action if we visit it, could be expected.
Keeping up with price action keeps you in the loop. Often there are some adjustments to be made, eg price ignored a resistance or support or creating one, etc. This does not mean that it is a good idea to follow the chart, tick by tick. You will soon find yourself seeing big things on low timeframes that would lure you in to overtrade.
Conclusion: It is not clear as to if we are in for a period of pattern building / consolidation or a notable move yet. Probability is that a sudden big move is likelier up than down Very Important to me: Please like if you appreciate the effort, Please comment and develop this further, Please follow if you see this analysis thread going somewhere that you would like to know about.
The current consolidation has led to some minor tweaks as to targets. The previous Green Target 2 has been reached and is now Decision Box 1. Previous Decision Box 1 has turned into Decision Box 2 (all with minor adjustments) and Red Targets have shifted. Essentially the precept of a notable move from the Previous Target 2’s (Red and Green) is still there, but we have managed to build some more possible support. The new Red Target 2 is not strong, but the price action showed it to be there, so some action if we visit it, could be expected.
Keeping up with price action keeps you in the loop. Often there are some adjustments to be made, eg price ignored a resistance or support or creating one, etc. This does not mean that it is a good idea to follow the chart, tick by tick. You will soon find yourself seeing big things on low timeframes that would lure you in to overtrade.
Conclusion: It is not clear as to if we are in for a period of pattern building / consolidation or a notable move yet. Probability is that a sudden big move is likelier up than down Very Important to me: Please like if you appreciate the effort, Please comment and develop this further, Please follow if you see this analysis thread going somewhere that you would like to know about.
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