Nothing like some HangOver sunday TA.
So maybe I'm seeing things but I figured I'd show some lines and some brief explanation behind what my frame of thought it. Bare with me as I don't know the proper lingo and makeup my own based on terms I've learnt from my other professions (outside of TA)
Forewords -
* Normally I don't draw lines based on the thin wick as I feel that's more of a from momentum that can be a wildcard where-as a solid wick is solid. This time I'm going to attempt TA with thin wicks so feel free to roast me :-P
* This is not financial advice, just my thoughts
* DYOR
Left Descending Triangle (Red Lines)
I initially looked for the top line of a descending triangle by find the first big overbuy then a dip before a 2nd attempt at a long green wick, between those two points is the definition of the top line of my descending triangle.
Then.... to confirm where the tip of triangle may end I found any significant thin wicks of red that bottomed out of MA at that point, this gave me a ball-park area of where I'd be looking for a breakout and a confirmation of an.....
Left Ascending Channel (Blue background channel thingy)
Generally the last thin red dildo (red down arrow) before a breakout from the ascending triangle is what I defined as the top (resistance) of the channel combined with a nice green dildo (green up arrow) is what I defined as the bottom (support) of the channel.
Left White Box
Now I saw price stay above the channel medium before there was a test and re-test of the top of support (2nd chance draw I call it) then down she went into the lower end of the medium following the channel then it had a attempted climb before dropping out of the channel.
Right Descending Triangle
Based on the data from the left white box (and it's descending triangle) I followed a similar methodology here but the descending triangle top was alot weaker in its climb compared to it's predecessor but like before once I got my 2nd attempt at a long green wick I could then define what I believed was the top line of the descending triangle. I followed the same methodology to find where the tip of the descending triangle would end with those multiple red lines at the bottom looking for a fakeout attempt as confirmation of a breakout to follow.
Right Ascending Channel (Blue background channel thingy)
I followed my previous method of defining an ascending channel by waiting for the fakeout attempt then another green dildo that breaks out of the channel to begin forming the support for this channel. Then looking for the last red thin wick to roughly define the resistance of the ascending channel once another significant thin red wick formed after breakout.
Right White Box
Now this is where my hangover TA goes into sorcery LOL, I copy/pasta the previous white box starting at the green up arrow support through to the last red wick after the breakdown and applied it to this white box at the same starting point (green up arrow) and stretched the lines abit till the first attempt at hitting resistance touched and what you see in this 1HR chart is what it came up with.
Now I have NFI whether this will play out but I figured I'd post my thoughts/analysis/HangOver strategy to see if this hopefully ages well for this week. based on the datestamps I believe this is how this week will play if nothing major happens in XAU world this week.
Please feel free to praise/diss/roast me on this, at least I'll know someone is reading the crazy in my mind. But at the very least, click the *thumbs up* :-)
#eXo #ClubeXo
So maybe I'm seeing things but I figured I'd show some lines and some brief explanation behind what my frame of thought it. Bare with me as I don't know the proper lingo and makeup my own based on terms I've learnt from my other professions (outside of TA)
Forewords -
* Normally I don't draw lines based on the thin wick as I feel that's more of a from momentum that can be a wildcard where-as a solid wick is solid. This time I'm going to attempt TA with thin wicks so feel free to roast me :-P
* This is not financial advice, just my thoughts
* DYOR
Left Descending Triangle (Red Lines)
I initially looked for the top line of a descending triangle by find the first big overbuy then a dip before a 2nd attempt at a long green wick, between those two points is the definition of the top line of my descending triangle.
Then.... to confirm where the tip of triangle may end I found any significant thin wicks of red that bottomed out of MA at that point, this gave me a ball-park area of where I'd be looking for a breakout and a confirmation of an.....
Left Ascending Channel (Blue background channel thingy)
Generally the last thin red dildo (red down arrow) before a breakout from the ascending triangle is what I defined as the top (resistance) of the channel combined with a nice green dildo (green up arrow) is what I defined as the bottom (support) of the channel.
Left White Box
Now I saw price stay above the channel medium before there was a test and re-test of the top of support (2nd chance draw I call it) then down she went into the lower end of the medium following the channel then it had a attempted climb before dropping out of the channel.
Right Descending Triangle
Based on the data from the left white box (and it's descending triangle) I followed a similar methodology here but the descending triangle top was alot weaker in its climb compared to it's predecessor but like before once I got my 2nd attempt at a long green wick I could then define what I believed was the top line of the descending triangle. I followed the same methodology to find where the tip of the descending triangle would end with those multiple red lines at the bottom looking for a fakeout attempt as confirmation of a breakout to follow.
Right Ascending Channel (Blue background channel thingy)
I followed my previous method of defining an ascending channel by waiting for the fakeout attempt then another green dildo that breaks out of the channel to begin forming the support for this channel. Then looking for the last red thin wick to roughly define the resistance of the ascending channel once another significant thin red wick formed after breakout.
Right White Box
Now this is where my hangover TA goes into sorcery LOL, I copy/pasta the previous white box starting at the green up arrow support through to the last red wick after the breakdown and applied it to this white box at the same starting point (green up arrow) and stretched the lines abit till the first attempt at hitting resistance touched and what you see in this 1HR chart is what it came up with.
Now I have NFI whether this will play out but I figured I'd post my thoughts/analysis/HangOver strategy to see if this hopefully ages well for this week. based on the datestamps I believe this is how this week will play if nothing major happens in XAU world this week.
Please feel free to praise/diss/roast me on this, at least I'll know someone is reading the crazy in my mind. But at the very least, click the *thumbs up* :-)
#eXo #ClubeXo