some of these are drawn loosely because i am throwing this together fast. many people replicate trendlines to form channels i take this one step further. i am working on color coding them and using them to predict exactly where price will go. if you see my posts i have shown where you can find where price is very likely to go. it is a way to plot s/r. i am also working on color coding horizontal s/r also but i am more focused on trendlines at the moment fibs and channels.
Remember this: where fibs and trendlines and horizontal s/r like in nobrainertrades threads converge it causes an energy reaction to drive price in one way or another. view fibs as a way of measuring human emotion- fear and greed. Because humans are natural we are bound to natural measurements and fibonacci is a way of measuring natural things. I hope this helps you. if you or anyone needs any help on this or anything else simply send me a pm. I am using this to find very high probability trades where i can know that price will go in my favor. people sometimes doubt this, but everyone is up to their own opinion. when price hits a fib, trendline, or support it will either bounce, reverse, or follow, many times with a retest afterwards.
last pic shows red circle and replicated trendline reversal. usually these are points where higher timeframe traders are making their trades.
p.s. i may be organizing a thread about a color coded method if i have enough interest. if anyone knows of any threads about trendlines or replicated trendlines by all means please contact me. remember the golden rule
Attached Image(s) (click to enlarge)
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
