Continuing with the retracement levels, here are a few examples on the faster
15 minute time frame. (each candle represents 15 minutes of trading)
I have used a 55 candle Moving Average (55MA) to easily find the starting point of the measurement.
Pick the lowest point below the 55MA line as the starting point of the wave up. Simply connect it with the highest...
A parallel channel highlights the angle of the trend present in the current market on a 30 minute timeframe. The channel is DESCENDING. A descending channel is a bear trend. A break of the channel indicates bullish momentum. With momentum increasing we can expect a pullback against the trend. We may now begin to look for an entry in the direction of the trend....