Learning Technicals
- Thread starter LIVE COOL
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Hi,
I m not so good in these textbook type of technicals.
i think double bottom is a reversal pattern, specially there must be a downtrend first so that it can be reversed to uptrend.
In the chart above there is no down trend...
so is it a valid double bottom pattern?
I m not so good in these textbook type of technicals.
i think double bottom is a reversal pattern, specially there must be a downtrend first so that it can be reversed to uptrend.
In the chart above there is no down trend...
so is it a valid double bottom pattern?
I am in the learning stage of Technical Analysis. At now I am trading Mechanical system.
Expecting confirmation from seniors.
Thanks for the Point Friend.
Live Cool
Sharing here how I had analyzed CrudeOil chart yesterday.. (This is not the only way to look at this chart. Other's opinion may vary. )
To me, while doing any kind of technical analysis its important to keep the entire market structure in mind. (Bigger Picture). So with a top down approach, I start from major trend, then intermediate and lastly minor trend. For intraday trading, where minor trends are traded in the direction of intermediate trend its important to see how price is behaving in intermediate timeframe.
Hourly chart for Crude shows a clear uptrend.
Now in minor chart ->
We had a minor sideways, and price broke out of the range on upside. Intermediate uptrend was continuing, and minor trend was gaining strength. There we had minor consolidation post breakout., Any break from the consolidation in the direction of Minor +Intermediate trend is a strong BUY signal. Thats what we got and price smoothly went up to 3200 +
Vijay was right on double bottom. We need to anticipate double bottom after a sustained downtrend. Adding one more point, before anticipating double bottom always look for sign of exhaustion in the prior downtrend.
To me, while doing any kind of technical analysis its important to keep the entire market structure in mind. (Bigger Picture). So with a top down approach, I start from major trend, then intermediate and lastly minor trend. For intraday trading, where minor trends are traded in the direction of intermediate trend its important to see how price is behaving in intermediate timeframe.
Hourly chart for Crude shows a clear uptrend.
Now in minor chart ->
We had a minor sideways, and price broke out of the range on upside. Intermediate uptrend was continuing, and minor trend was gaining strength. There we had minor consolidation post breakout., Any break from the consolidation in the direction of Minor +Intermediate trend is a strong BUY signal. Thats what we got and price smoothly went up to 3200 +
Vijay was right on double bottom. We need to anticipate double bottom after a sustained downtrend. Adding one more point, before anticipating double bottom always look for sign of exhaustion in the prior downtrend.
Sharing here how I had analyzed CrudeOil chart yesterday.. (This is not the only way to look at this chart. Other's opinion may vary. )
To me, while doing any kind of technical analysis its important to keep the entire market structure in mind. (Bigger Picture). So with a top down approach, I start from major trend, then intermediate and lastly minor trend. For intraday trading, where minor trends are traded in the direction of intermediate trend its important to see how price is behaving in intermediate timeframe.
Hourly chart for Crude shows a clear uptrend.
Now in minor chart ->
We had a minor sideways, and price broke out of the range on upside. Intermediate uptrend was continuing, and minor trend was gaining strength. There we had minor consolidation post breakout., Any break from the consolidation in the direction of Minor +Intermediate trend is a strong BUY signal. Thats what we got and price smoothly went up to 3200 +
Vijay was right on double bottom. We need to anticipate double bottom after a sustained downtrend. Adding one more point, before anticipating double bottom always look for sign of exhaustion in the prior downtrend.
To me, while doing any kind of technical analysis its important to keep the entire market structure in mind. (Bigger Picture). So with a top down approach, I start from major trend, then intermediate and lastly minor trend. For intraday trading, where minor trends are traded in the direction of intermediate trend its important to see how price is behaving in intermediate timeframe.
Hourly chart for Crude shows a clear uptrend.
Now in minor chart ->
We had a minor sideways, and price broke out of the range on upside. Intermediate uptrend was continuing, and minor trend was gaining strength. There we had minor consolidation post breakout., Any break from the consolidation in the direction of Minor +Intermediate trend is a strong BUY signal. Thats what we got and price smoothly went up to 3200 +
Vijay was right on double bottom. We need to anticipate double bottom after a sustained downtrend. Adding one more point, before anticipating double bottom always look for sign of exhaustion in the prior downtrend.
Thank you for sharing knowledge
Live Cool
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