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Are you always trying to find the most accurate head and shoulders chart pattern or always looking for the correct way on how to draw the proper resistane line/ support line? Let me tell you a secret: the market has a lot of Market Makers or Instutional Traders who set up traps on the version of chart pattern that you are reading with, they know retail traders like reading chart pattern and draw trendlines, and they will force you to close at a price that that you do not want to (hunt for your stop-loss order), thus generally, you need to give extra buffer that the market might not be reacting the way that you think the market should.
Generally speaking, if you are looking for chart pattern to trade, the most consistent, and hence, the most profitable chart pattern is the Butterfly Harmonic Pattern or called Gartley 222 Pattern or ABCD Pattern as well.
There is one simple reason why the ABCD Pattern works better than the other chart pattern. whatever it is Double Top Pattern, Double/ Triple Bottom Pattern, U Shape Bottom, Cup and Handle, Ascending Triange, you name it.
The simple reason is there is a Mathmatics or golden ration guiding how you draw the trendlines in the Butterfly Harmonic Pattern. Yes each trendline/ Price Pattern is required to match the 0.236 0.383 or 0.628 ratio of previous movement, hence it is unlike Hands and Shoulder or Decending Triangle that you can connect whatever Bottoms you feel like as the market support line.
and yes, there are some Simple Math which works behind the market. so stop draw non-math backed resistant and support line that gives ambiguous signal, and follow us to learn how simple Math is workling implicitly in side the market so that you can consistently win from the market at www.gannexplained.com
There are some of the real time wd gann math predictions that we have done in the last quarter. the red line being the forecast we suggested, the green section is the real time market reaction after the forecast was posted.
SEND an email with subject "Math Trading FXT" to [email protected] to learn how this market actaully implicitly reacts to the market (it is not golden ratio & fibonacci, wd gann mathematics sequences not every trader already knew!)
which every trader already knows!)
Trineaspect.com and Khit Wong are not responsible for any profit or loss on actions taken on the comments shared in FXStreet.com. While the comments do not suggest nor imply in any way for any trade decisions for the readers, they are all for educational purposes.
Editors’ Picks
EUR/USD rebounds from multi-week lows, trades above 1.0750
EUR/USD came under heavy bearish pressure and declined to its weakest level in three weeks below 1.0750 on Friday after the stronger-than-expected Nonfarm Payrolls data. Week-end flows, however, helped the pair erase its daily losses.
GBP/USD remains on track to snap three-week winning streak
GBP/USD recovered toward 1.2550 after coming in within a touching distance of 1.2500 in the second half of the day after Nonfarm Payrolls came in at 199,000 for November. Despite the recent rebound, the pair remains on track to snap a three-week winning streak.
USD/JPY extends recovery above 144.00, US NFP in focus
USD/JPY is extending recovery above 144.00 in Friday's European trading. The pair is finding reprieve from downbeat Japan's Q3 GDP data, which checked the Yen's towering rally against the US Dollar amid hints of BoJ's policy pivot. US NFP awaited.
Editors’ Picks
EUR/USD rebounds from multi-week lows, trades above 1.0750
EUR/USD came under heavy bearish pressure and declined to its weakest level in three weeks below 1.0750 on Friday after the stronger-than-expected Nonfarm Payrolls data. Week-end flows, however, helped the pair erase its daily losses.
GBP/USD remains on track to snap three-week winning streak
GBP/USD recovered toward 1.2550 after coming in within a touching distance of 1.2500 in the second half of the day after Nonfarm Payrolls came in at 199,000 for November. Despite the recent rebound, the pair remains on track to snap a three-week winning streak.
Gold retreats below $2,020 as US yields push higher
Gold broke below its daily range and declined toward $2,010 with the immediate reaction to the upbeat US November jobs report. Although XAU/USD managed to recover toward $2,020, rising US Treasury bond yields triggered another leg lower.
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States.
The week ahead – Fed, ECB and Bank of England rate decisions
When the Federal Reserve kept rates unchanged back in November for the second meeting in a row there was still the distinct possibility that the final meeting of 2023 would provide the possibility of one more rate rise to round off the year in line with Fed policymakers dot plot forecasts of 5.6%.
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