XVG - Deriving Trends and Channels from a Fractal
Hi there,
this is my personal fractalish view for the path of XVG as long as it trades between the lower and upper target levels. I derived all information from the bull flag and the triangle part of it. There is pretty much information you can derive from those two patterns (Note: historic candles have confirmed some few levels already). The chart can be seen as some kind of roadmap for the next kinda 6 months or so and as long as XVG trades within this channel. Please don't ask me about chances of using trend line A, breaking channel B or predictions on further developments but use your favorite set of indicators and do your own research (DYOR) to predict further movements and decisions based on that. Use RSI , Stochastic , Moving Averages, Bollinger Bands and whatever is your preference. My Kung Fu is limited as i'm not a professional trader. I just love fractals in charts. Crystal balls are out of stock and in the end no one will be right but the market. (:
Constructive comments are welcome as i always like to expand my personal view and experience.
Sincerely
Disclaimer: This is an educational post and not a trade advisory at all. Please do your own research before you draw your own conclusions.
this is my personal fractalish view for the path of XVG as long as it trades between the lower and upper target levels. I derived all information from the bull flag and the triangle part of it. There is pretty much information you can derive from those two patterns (Note: historic candles have confirmed some few levels already). The chart can be seen as some kind of roadmap for the next kinda 6 months or so and as long as XVG trades within this channel. Please don't ask me about chances of using trend line A, breaking channel B or predictions on further developments but use your favorite set of indicators and do your own research (DYOR) to predict further movements and decisions based on that. Use RSI , Stochastic , Moving Averages, Bollinger Bands and whatever is your preference. My Kung Fu is limited as i'm not a professional trader. I just love fractals in charts. Crystal balls are out of stock and in the end no one will be right but the market. (:
Constructive comments are welcome as i always like to expand my personal view and experience.
Sincerely
Disclaimer: This is an educational post and not a trade advisory at all. Please do your own research before you draw your own conclusions.
Comment:
Here is a cleaned up version of the chart. One of the many Trend Lines currently acts as support.
Comment:
This chart on a very low timeframe shows how nice those trend lines worked so far. We also have EMA Lines on that timeframe which show additional overhead resistance and confirming our trend lines as they converge at the current price action.
Cheers,
Eddie
Eddie
If you need more trend lines you can simply clone the initial ones. This chart shows how this will look like. You have to use the polestick of the bearish pennant or the left side of the triangle as a to find more levels. Not every path will be touched but still gives a good idea of possible support/resistance/directions.