Educational: Peaks and Valleys

FX:EURUSD   Euro / U.S. Dollar
Where do peaks and valleys form in retracements?

Peaks and Valleys or Tops and Bottoms are technically consistent. They adhere to the rules of support and resistance .

• All failures on the way up always fail at previous support lost (at previous peak)
• All valleys generally form from the support just above a previous valley or a significant support from the leg up.

Isn't it funny how many traders like to call these moves "false breakouts"? They do this because they don't understand how to properly read a chart.

It's funny how many traders do not even understand the basics of support and resistance ...food for thought.
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