Long is the buzzword
Updated
(By Jeffry Kennedy)
1. As long as prices move is contained by deceleration channel( parallel channel ), the price action is countertrend, and once complete, it will be more than fully retraced.
2. The upper boundary line of base channel supports the fourth wave at either the upper boundary line, midline, or lower boundary line.
3. As soon as wave 4 is in place and price broken above the upper boundary line of deceleration channel, draw the final channel, the Terminating channel to identify resistance for wave 5. That's how the channeling technique works.
DISCLAIMER:
This is my trading journal, not a trade recommendation
Trading in the stocks market or futures markets is one of the riskiest forms of investments available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. Nothing in this analysis is a recommendation to buy or sell stocks or futures and I shall not be liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of this analysis or reliance on such information. Consult your financial advisor prior to investing is stock market.
This is one person’s experience, your experience may differ. Past performance is not guarantee of future gains
1. As long as prices move is contained by deceleration channel( parallel channel ), the price action is countertrend, and once complete, it will be more than fully retraced.
2. The upper boundary line of base channel supports the fourth wave at either the upper boundary line, midline, or lower boundary line.
3. As soon as wave 4 is in place and price broken above the upper boundary line of deceleration channel, draw the final channel, the Terminating channel to identify resistance for wave 5. That's how the channeling technique works.
DISCLAIMER:
This is my trading journal, not a trade recommendation
Trading in the stocks market or futures markets is one of the riskiest forms of investments available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. Nothing in this analysis is a recommendation to buy or sell stocks or futures and I shall not be liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of this analysis or reliance on such information. Consult your financial advisor prior to investing is stock market.
This is one person’s experience, your experience may differ. Past performance is not guarantee of future gains
Note
Price taking support at base of Base Channel, test of breakout zone, confluence of horizontal demand and weakening diagonal supply line. Stop Loss is below 800.Note
Chal Guru Ho Ja Shuru..!!Note
Part of the appeal of trading is that it is a zero- sum game with very small edges, and it is intellectually satisfying and financially rewarding to be able to spot and capitalize on these small, fleeting opportunities. It can be done, but it is very hard work and it requires relentless discipline. Discipline simply means doing what you do not want to do. We are all intellectually curious and we have a natural tendency to try new or different things, but the very best traders resist the temptation. You have to stick to your rules and avoid emotion, and you have to patiently wait to take only the best trades. This all appears easy to do when you look at a printed chart at the end of the day, but it is very difficult in real time as you wait bar by bar, and sometimes hour by hour. Once a great setup appears, if you are distracted or lulled into complacency, you will miss it and you will then be forced to wait even longer. But if you can develop the patience and the discipline to follow a sound system, the profit potential is huge.Note
Reverse use of trend line channel Note
The most useful tools for understanding price action are trend lines and trend channel lines, prior highs and lows, breakouts and failed breakouts, the sizes of bodies and tails on candles, and relationships between the current bar to the prior several bars. In particular, how the open, high, low, and close of the current bar compare to the action of the prior several bars tells a lot about what will happen next.:By Al Brooks
Note
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