DislikedIn this cases she found support at the trendline, but would you agree that horizontal SR takes precedence over diagonal lines?Ignored
TLs are also very useful too as they are dynamic, they are moving and adjusting with price flow (swings) and for me, they are useful in many other ways.
Whether to use TLs or not, is a personal preference - Jim of J16 doesn't use them and therefore, neither does Baba G. I use everything available in my toolbox and TLs are in my toolbox.
Let's look at your USDCHF:
Price respected BOTH the TL and support at psycho 1.1300. Notice also that the 365 is acting as support. Also notice the 38.2% fib support.
So what is this telling us? This is a STRONG area of support.
Add this to the very important support of psycho 1.1200 below that and we have a VERY STRONG area of support.
Now don't get carried away thinking price MUST go up because of this support - ALWAYS wait for PASR to tell us what, where, when and how to trade.
Keeping an open mind, what would it tell us if price closed below both these support areas?
Notice also the triangle on the boundary of prices. Wait for PASR to confirm the break out of this formation.
Interesting times for USDCHF, and therefore EURUSD which have been wandering around aimlessly.
15 YEARS OF PASR ON FOREX FACTORY!
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