If You are Some Wave theory Trader, it should open your eyes
No Theory Works perfectly but you have to add the probability , You must have an view and forecasting ability before the market could move , You must have practice to identify repeatable patterns , You can make money only by identifying the patterns and the behavior of patterns
When i see so many starts plotting wave theory or some sort of theory , I know exactly what they are missing , its fact but no one will believe , Market do not work with any kind of theory it works on its own pace , You must try and practice to understand its direction and trade in the direction of the trend
Consider this pattern i have viewed it as possible Expanding ending diagonal based on HTF , and i have put information on how i looked this and viewed it for entry and exit purpose , few things to know before you think you hit the Jackpot
01) Does your identified pattern is working based on smaller time frame ? if yes then stay with it , if no , then re-caliber it and change the view
02) When price action confirms the Move based on your views after weekly close , Look for pull back & reversal for adding more trade in the direction of the trend , Just dont jump on trade with all chips on it , there is always a pull back , and there will be always an opportunity , dont jump for bottom fishing or top selling unless you are very perfect and proven with your strategies
03) Suppose the structure starts to change it formation after due course Not a big deal , put the stop to cost + Brokerage , and ignore it , if you are wrong market will take you out , try another view to identify what could be possible
04) Most often they repeat the price action also , the repeating of price action is so accurate literally you can pull the previous price action once you master identifying it using bar pattern tool form this trading view ,i have made small efforts plotting very thin color bar pattern , and its already confirming the price is behaving as per previous price action
Good luck
When i see so many starts plotting wave theory or some sort of theory , I know exactly what they are missing , its fact but no one will believe , Market do not work with any kind of theory it works on its own pace , You must try and practice to understand its direction and trade in the direction of the trend
Consider this pattern i have viewed it as possible Expanding ending diagonal based on HTF , and i have put information on how i looked this and viewed it for entry and exit purpose , few things to know before you think you hit the Jackpot
01) Does your identified pattern is working based on smaller time frame ? if yes then stay with it , if no , then re-caliber it and change the view
02) When price action confirms the Move based on your views after weekly close , Look for pull back & reversal for adding more trade in the direction of the trend , Just dont jump on trade with all chips on it , there is always a pull back , and there will be always an opportunity , dont jump for bottom fishing or top selling unless you are very perfect and proven with your strategies
03) Suppose the structure starts to change it formation after due course Not a big deal , put the stop to cost + Brokerage , and ignore it , if you are wrong market will take you out , try another view to identify what could be possible
04) Most often they repeat the price action also , the repeating of price action is so accurate literally you can pull the previous price action once you master identifying it using bar pattern tool form this trading view ,i have made small efforts plotting very thin color bar pattern , and its already confirming the price is behaving as per previous price action
Good luck