Beginning with the overall look on my quad view offers me the analysis across my favorite tools. I can see where — for example — Pivot support coincides with Wave support and maybe the pressure of a candlestick sell pattern. Notice I also compare each tool on the same time frame.
So right away I can see and focus in on a few main cues:
1) The Wave is 12-2 and that means I have an uptrend
2) There’s a pullback that’s coming back to Wave support
3) Prices are testing the daily Pivot Point
4) There is a three outside candlestick pattern sell trigger 14 candles back
I am also looking at the Fibonacci Retracement that shows that the 1.3700 level is not only a psychological ceiling but at 1.618 Fibo Extension. It will also be an upside target if the swing follows through.
The job here is to consider where the support and resistance is on the chart. What I do with the levels is determined by the market cycle. Think about it this way. Most forex traders can identify support and resistance on a chart. It’s what we individually do with those lines and levels that dictate the trade. For far too many traders, the action at support/resistance/trendlines is random or dictated by what we want to do not by what the market is telling us to do…think about it! We’ll talk more of this again.
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