SHORT TERM BEARISH AND LONG TERM BULLISH
FOREIGNBOY: I begin breakdown from the monthly timeframe
FOREIGNBOY: redlines are support an resisitance dnt fgt they are horizontal lines
FOREIGNBOY: on the monthly we can see all resistance and support and a threshold zone marked blue.....
Now We Look For Geometric Pattern On The Same Monthly Chart We Might Get Lucky
A Geometric Pattern That Looks Like A Falling Wedge? Correct
But A Keen Observastion Will Notice That The Candles Already Left The Geometric Pattern That Is A Breakout
Now We Av Done All This On Monthly Timeframe Which Means 1 Candle Here Takes A Month
But That Is A Heck Of A Long Time How Do We As Retail Traders Benefit From This?
Montlhy Chart Is The View Of The Big Boys Like Central Banks
: Since We Are Done Let Us Focus On The Current Price Situation Which Is Where Price Escaped The Geometric Pattern
For This We Go To The Weekly Or Daily Timeframe
You Can See We Av A Plan Already As We Go Down We Now Try To Determine What To Do Ion The Short Term,...... But This Diagram Only Tell Us That This Pair Is Going Up.........When Is What We Are Trying To Deduce
When A Floor Fails It Become A Ceiling And Vice Versa S=R Or R=S
In Our Wedge We Have Two Lines One Up And The Other Is Down Upper One Is The Patterns Resistance And The Lower Onbe Is Supprt
Since We Broke The Top Resistance Of The Chart This Means We Needs To Retest Or Pull Back To It.... Price Is Elastic Remember
And I Saw Someting Very Interasting When We Speak Of Retest On The Weekly
The Picture Showe That Our Breakout Pattern Look Like 3 Mountain Tops......This Is Advanced Class But I Ll Finish This
A 3 Mountain Tops Is A Sign That Price Wants To Fall Which Wer Need It To So Ceiling Can Become Floor On Monthly Tf
So U Look For Agood Support Below It And Make Sure Itts A Strong One
Weekly Is Still Too Large Go Down To The Daily See What Is Happening
Above You Av A Clearer Picture Of Our Breakout Looking Like Another Wedge That Brioke To The Downside.... So Should Go Back Up And Turn S = R For This Current Wedge
Before The Final Fall To The Downside Where We Expect The Buyers To Step In ......
FOREIGNBOY: I begin breakdown from the monthly timeframe
FOREIGNBOY: redlines are support an resisitance dnt fgt they are horizontal lines
FOREIGNBOY: on the monthly we can see all resistance and support and a threshold zone marked blue.....
Now We Look For Geometric Pattern On The Same Monthly Chart We Might Get Lucky
A Geometric Pattern That Looks Like A Falling Wedge? Correct
But A Keen Observastion Will Notice That The Candles Already Left The Geometric Pattern That Is A Breakout
Now We Av Done All This On Monthly Timeframe Which Means 1 Candle Here Takes A Month
But That Is A Heck Of A Long Time How Do We As Retail Traders Benefit From This?
Montlhy Chart Is The View Of The Big Boys Like Central Banks
: Since We Are Done Let Us Focus On The Current Price Situation Which Is Where Price Escaped The Geometric Pattern
For This We Go To The Weekly Or Daily Timeframe
You Can See We Av A Plan Already As We Go Down We Now Try To Determine What To Do Ion The Short Term,...... But This Diagram Only Tell Us That This Pair Is Going Up.........When Is What We Are Trying To Deduce
When A Floor Fails It Become A Ceiling And Vice Versa S=R Or R=S
In Our Wedge We Have Two Lines One Up And The Other Is Down Upper One Is The Patterns Resistance And The Lower Onbe Is Supprt
Since We Broke The Top Resistance Of The Chart This Means We Needs To Retest Or Pull Back To It.... Price Is Elastic Remember
And I Saw Someting Very Interasting When We Speak Of Retest On The Weekly
The Picture Showe That Our Breakout Pattern Look Like 3 Mountain Tops......This Is Advanced Class But I Ll Finish This
A 3 Mountain Tops Is A Sign That Price Wants To Fall Which Wer Need It To So Ceiling Can Become Floor On Monthly Tf
So U Look For Agood Support Below It And Make Sure Itts A Strong One
Weekly Is Still Too Large Go Down To The Daily See What Is Happening
Above You Av A Clearer Picture Of Our Breakout Looking Like Another Wedge That Brioke To The Downside.... So Should Go Back Up And Turn S = R For This Current Wedge
Before The Final Fall To The Downside Where We Expect The Buyers To Step In ......