Just thought I'd write a little update and educational piece on the current PA along with a challenge/homework at the end.
Notice that after the 1282 rejection (as previously postulated) the price dipped to its recent base. It seems to be forming a similar yet smaller pattern as before (green squares). In fact it doesn't really matter what the actual price is in order to predict where it will go next. That is my challenge to you; remove the price/cover it up on your screens and chart what you see. For traders to be sucessful it is necessary to understand that the price is only a number; a label or name for a point along the continuum 0 - infinity. Nothing more nothing less. Simply because price $100 higher than a month ago doesn't necessarily mean price will drop. Note instead that we are also ~$100 lower than 11 months ago.
Challenge: remove price bar and use simple charting to predict where the action is going. It is interesting to remove a "false comfort" if you will, and view PA objectively without the innate human bias that if something goes up it must always go down.
Philosophical perhaps, but trading your charting skills and TRUSTING your own analysis based on action rather than emotion is priceless!
Happy trading and best wishes for 2019.
Notice that after the 1282 rejection (as previously postulated) the price dipped to its recent base. It seems to be forming a similar yet smaller pattern as before (green squares). In fact it doesn't really matter what the actual price is in order to predict where it will go next. That is my challenge to you; remove the price/cover it up on your screens and chart what you see. For traders to be sucessful it is necessary to understand that the price is only a number; a label or name for a point along the continuum 0 - infinity. Nothing more nothing less. Simply because price $100 higher than a month ago doesn't necessarily mean price will drop. Note instead that we are also ~$100 lower than 11 months ago.
Challenge: remove price bar and use simple charting to predict where the action is going. It is interesting to remove a "false comfort" if you will, and view PA objectively without the innate human bias that if something goes up it must always go down.
Philosophical perhaps, but trading your charting skills and TRUSTING your own analysis based on action rather than emotion is priceless!
Happy trading and best wishes for 2019.
