You said look at the chart- it’s a piece of shite.”Let’s really look at the chart, and try to make sense of it. Just a few basic TA points to make. There are 3 basic patterns to consider, in all time frames you see these patterns . Upwave, Downwave, and sideways. The predictive models will show mathematic and geometric target zones of pullback/support that “ought to hold “ in an upwave pattern, and the opposite applies in downwave patterns. My basic measurement tool is the Fibonacci retrace, looking at the 50% target zone, but also the 62%. When you measure the entire upwave from let’s say 7 to 14, the 50% retrace will show a target zone around 10.50, to anticipate. The next lower Fib target zone/62% would suggest around 9.65. If you look at the latest major wave pattern, you can see how these target zones came into play.
If I’m watching this Upwave that doubled from 7 to 14, I want to see how it holds support in the major pullback. 11.00 is ok, 10.50/10.30 is ok. Even 9.60 is ok if it holds and begins the next upwave. But If it continues down to lower targets 9.30/9.00 and now 8.50, it’s not a piece of shitt, it’s just losing the technical “upwave” pattern and must be seen as developing some other kind of pattern. And that pattern could be a Range Pattern. The larger chart shows 2 distinct Range patterns. One is from 7 to 14 and back to 7 and back to 14. And the other pattern is a mini version, from 7 to 10 to 7 to 10. It is possible, in a range pattern, that we could see this downwave get taken back to the 7’s again. But right now, it’s bleeding down the target steps, one or two steps at a time , it’s being done carefully, cleverly, to reach their desired target. The 8.50 is a target as is 8.40/8.30 and 8.00 area. And for giggles and fun bottom fishing, I’ll save some dry powder for 7.88. Trading Range Patterns isn’t much different from other types of trading. It’s just a matter of seeing the pattern change happening in a timely way. That pattern started changing when 10 dollars and 9.30 failed to hold and 9.60 became resistance and now this bleeding down isn’t a pullback as much , it’s more of a downwave.
When you now look at the last times it fell into the 7’s, and rallied from the bottom,you see pivots around 7.85/7.70 area, 7.65/ 7.50,/7.25,/ and the 7.16 bottom.
Right now, the 8.50 got hit my stink bids filled,
and now I’ll buy some more closer to 8.00/8.20 next time. Small portions at a time for me.
A Range Pattern is a little bit ugly to see what looked like big bullish upwave from 7 to 14 … that gets sold all the way back down, that never feels very good. But traders don’t mind, you buy at 7 or 8 and sell at the 13 or 14, and then do it again.
Now imagine how remarkable it was, like the holy grail of trading, what K9 John did, buying at 3 dollars, selling at 30, and buying it all back again at 3. 🫡. 🤩
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