Don't be confused by the lines!
Yellow - Show the shape of our triangle structure. You can see with each wave how we are descending to a "fairer" price. The lines are not exactly on each high and each low. With time I have found different ways to draw support and resistance in order to capture all price movement and not miss out on a swing.
Orange - Long term trading range
Blue - High and Low of our range
Pink - "Fair Price" notice I have two lines. I spoke before about why I do this but the price plays so heavily within one or more range I like to document them both but there is only one fair price
Red - This circle represents my entire potential reversal zone. I will decide which zone of support I will play towards as price moves further down. However, for now I have a hand full of lines to look at. My first area will be in between the yellow and orange lines.
Other than that the labeling speaks for itself
Triangle pattern made of 5 sets of 3 wave structures. We are looking at 4 of them already. Maybe later I will do an education post as well to give a more in depth view of the waves within the structure. For now, I will take a short position when opportunity comes and begin selling towards the lower zone of support (n between the yellow and orange lines.)
Upon completion of the triangle I'll take a long position and start buying it until my broker calls me to stop.
Yellow - Show the shape of our triangle structure. You can see with each wave how we are descending to a "fairer" price. The lines are not exactly on each high and each low. With time I have found different ways to draw support and resistance in order to capture all price movement and not miss out on a swing.
Orange - Long term trading range
Blue - High and Low of our range
Pink - "Fair Price" notice I have two lines. I spoke before about why I do this but the price plays so heavily within one or more range I like to document them both but there is only one fair price
Red - This circle represents my entire potential reversal zone. I will decide which zone of support I will play towards as price moves further down. However, for now I have a hand full of lines to look at. My first area will be in between the yellow and orange lines.
Other than that the labeling speaks for itself
Triangle pattern made of 5 sets of 3 wave structures. We are looking at 4 of them already. Maybe later I will do an education post as well to give a more in depth view of the waves within the structure. For now, I will take a short position when opportunity comes and begin selling towards the lower zone of support (n between the yellow and orange lines.)
Upon completion of the triangle I'll take a long position and start buying it until my broker calls me to stop.
