1.IT BROKE OUT OF THE WEDGE, INDUCING PEOPLE TO BUY
2.IT CREATED A RECTANGLE (TRADING BETWEEN 2 POINTS/SUPPORT RESISTANCE)
3.THEN IT BROKE ABOVE RECTANGLE TO INDUCE BUYS FOR BREAKOUT TRADERS, IT CAME TO RETEST TO INDUCE BUYS FOR RETEST TRADERS
4.IT REVERSED AGAINST THEM HITTING THEIR STOP LOSSES AND BLOWING ACCOUNTS- PEOPLE USUALLY PLACE THEIR SL BELOW THE SUPPORT AREA AND THAT IS WERE IT WENT.
5.ON A LARGER TIME FRAME-IT IS A BIG WEDGE-SINCE IT BROKE ABOVE THE WEDGE AND THE IS BUYERS WHO BOUGHT
6.AN 'M' IS FORMING-THAT 'M' AIMS TO GET MORE PEOPLE TO BUY
7.THE MARKET WILL HAVE TO REVERSE AGAINST THOSE WHO BOUGHT AT THE BREAK OF THE WEDGE ABOVE.
8.HITTING THEIR SL AND BLOWING THEIR ACCOUNTS.
2.IT CREATED A RECTANGLE (TRADING BETWEEN 2 POINTS/SUPPORT RESISTANCE)
3.THEN IT BROKE ABOVE RECTANGLE TO INDUCE BUYS FOR BREAKOUT TRADERS, IT CAME TO RETEST TO INDUCE BUYS FOR RETEST TRADERS
4.IT REVERSED AGAINST THEM HITTING THEIR STOP LOSSES AND BLOWING ACCOUNTS- PEOPLE USUALLY PLACE THEIR SL BELOW THE SUPPORT AREA AND THAT IS WERE IT WENT.
5.ON A LARGER TIME FRAME-IT IS A BIG WEDGE-SINCE IT BROKE ABOVE THE WEDGE AND THE IS BUYERS WHO BOUGHT
6.AN 'M' IS FORMING-THAT 'M' AIMS TO GET MORE PEOPLE TO BUY
7.THE MARKET WILL HAVE TO REVERSE AGAINST THOSE WHO BOUGHT AT THE BREAK OF THE WEDGE ABOVE.
8.HITTING THEIR SL AND BLOWING THEIR ACCOUNTS.