Focusing attention on the weekly leg from April 2015, I've drawn significant weekly S/R levels, labeled in grey. 4H levels are labeled in blue. In order to keep price localized, I highlighted the leg I am interested in retracing with a circle. The falling wedge tells me that momentum is shifting, setting up for a pop back to the 1.0785 area. Notice how I tied time frames together (weekly-4H), instead of wasting time trying to draw fibs and pretty abstract looking triangular abstract animal butterflies ,crab, and bats. Not understanding where I am in relation to price movement should be a crime if you're a serious trader. Drawing abstract looking polygon animals doesn't really help me understand where I am in relation to the leg price is trying to retrace.
If we switch to the 60M chart, I should see significant momentum erosion as price is offsetting more and more bearish momentum. Is this not the purpose of a failing wedge? This is super basic TA. Simple patterns, using logic, that allows us to make confident trades.
If we switch to the 60M chart, I should see significant momentum erosion as price is offsetting more and more bearish momentum. Is this not the purpose of a failing wedge? This is super basic TA. Simple patterns, using logic, that allows us to make confident trades.
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Weekly/60M side by side view illustrating retrace leg and smaller time frame momentum erosion.
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Momentum is set in for the pop.
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All these doubting dumb fucks. Never doubt me.