_XtraSmall.JPG){kind=small}
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 stabilizes near 1.0500, looks to post weekly losses
EUR/USD extended its daily decline toward 1.0500 in the second half of the American session, pressured by the souring market mood. Despite the bullish action seen earlier in the week, the pair remains on track to register weekly losses.
GBP/USD falls below 1.2150 as USD rebounds
Following an earlier recovery attempt, GBP/USD turned south and declined below 1.2100 in the second half of the day on Friday. The negative shift seen in risk mood amid rising geopolitical tensions helps the US Dollar outperform its rivals and hurts the pair.
USD/JPY consolidates near 149.70 ahead of the US Consumer Sentiment
USD/JPY snaps the recent winning streak ahead of US data. A slew of solid US data could underpin the US Dollar. S&P Global anticipates that Japan could see upward interest rates trajectory, beginning in 2024.
Editors’ Picks
EUR/USD stabilizes near 1.0500, looks to post weekly losses
EUR/USD extended its daily decline toward 1.0500 in the second half of the American session, pressured by the souring market mood. Despite the bullish action seen earlier in the week, the pair remains on track to register weekly losses.
GBP/USD falls below 1.2150 as USD rebounds
Following an earlier recovery attempt, GBP/USD turned south and declined below 1.2100 in the second half of the day on Friday. The negative shift seen in risk mood amid rising geopolitical tensions helps the US Dollar outperform its rivals and hurts the pair.
Gold advances to fresh multi-week highs above $1,920
Gold extended its daily rally and climbed above $1,920 for the first time in over two weeks on Friday. Escalating geopolitical tensions ahead of the weekend weigh on T-bond yields and provide a boost to XAU/USD, which remains on track to gain nearly 5% this week.
Bitcoin could be an alternative to US-listed companies but not in the short term
Bitcoin has dipped below $27,000, adding to the subdued cryptocurrency market sentiment. While short-term price concerns persist, analysts predict a rebound based on historical figures.
Nvidia Stock Forecast: NVDA slips as Biden administration attempts to close AI chip loophole
Nvida's stock price opened marginally lower on Friday after Reuters reported that the Biden administration is attempting to close a loophole that allowed Chinese companies access to state-of-the-art computer chips used for AI.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
Discover how to make money in forex is easy if you know how the bankers trade!
5 Forex News Events You Need To Know
In the fast moving world of currency markets, it is extremely important for new traders to know the list of important forex news...
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and...
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.