v8power wrote: MightyOne wrote:
So you continuously look for 15 degree patterns and make the same decisions over and over again if I understand it correctly ?
My friend, there are only patterns and breakouts and wider patterns and larger breakouts.
A slow channel is congestion & congestion cannot be a true breakout.
A "steep channel" is not congestion, "not congestion" is a breakout and a breakout cannot also be a "pattern"...because breakouts "breakout" of patterns.
They are being tricked into believing that the market moves faster than it really does.
Do not draw steep channels, they do not exist, that is what trend lines
While I agree that the market moves slower then what most believe (a breakout of a 15 angle will probably fail). But with 3 different angle speeds (horiz, channel and breakout) if price breaks out of a 15 channel and doesn't return you now have price moving around 30* channel. Now price can slow back down to a 15* channel and move within there or it can move to a 60*. Which if it does that,it will normally move in a parabolic motion signaling that which ever way price was moving and you can expect price to congest as it moves from a 60* channel to a 30* then to a 15* then a 15* channel in the other direction. This was the best pic I could quickly and currently find.
So what we have then is a rounding bottom.
Higher low major trend reversal
And best of all...H&S
Knees n toes, head and shoulders, knees and toes,
Eyes n ears n mouth n nose......
Been listening to a lot of nursery rhimes lately.