Follow the channel that is already established, as Price alone points to the end of the move.
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Did you know that LOWS forecast the highs, and HIGHS forecast the LOWS? Go through the history of any chart, and reverse engineer it by drawing similar lines back through price from the highest high to the lows, and look how they all will line up, and how many "hits" you will have along those particular lines.
There IS a methodology for this, with rules. You can spend 30 years figuring this out, ask Jesse Livermore how he did it.
Enjoy!
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On the Channel Price has been traveling, where do you suppose Price will Top or Bottom next? What is you could ASK the Price itself; what would Price say?
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Say there Mr. Price Action, would you mind showing us where you are going next?
Sidelines now. When in doubt, do nothing. The best thing.
Melchizedek
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@Rick_69ro, That's true. Also, when you doubt; it's because you Don't KNOW. When you KNOW, you never doubt. There is a pathway to CERTAINTY. Few walk on it.
Rick_69ro
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Range bound. The market needs a catalyst to set direction.
Rick_69ro
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Nice idea to go back to fresh zone of 1.24 - 1.25 while many support a reversal back ro 1.13 considering that Draghi won't increase any rate while Fed most probably will do in Dec. So what could be the fundemental idea behind your theory or is just pure technical? Thank you.
Melchizedek
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@Rick_69ro, Well now, you're an interesting one. Most people want just the numbers, and aren't interested in what is behind them; their source. As long as they can "win" one that's enough. "Fundamental Idea"? Is that not obvious from the snapshot? Those are not Gann Fans, rather: something much more Fundamental. Surely you know that EVERYTHING is made from Light!
Rick_69ro
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@Melchizedek, Thank you, well, maybe we will talk soon and see where the price has reached...