As with all charts it is always very important to see how your analysis “fist in” with the larger degree trend, this is particularly important with manual DP’s.
As you can see in this example, the 60min DP is actually at a 240min Wave C low, so support is confirmed. Obviously the market can do as it wishes, that why all traders have to have stops in place, but at least we have the back up of the larger degree chart position.
Thanks, Steve
As you can see in this example, the 60min DP is actually at a 240min Wave C low, so support is confirmed. Obviously the market can do as it wishes, that why all traders have to have stops in place, but at least we have the back up of the larger degree chart position.
Thanks, Steve
