Circular Trendlines

Quoting kbmoonshinex

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bro. what your target for shorts ? my 3050

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Quoting Kambooj

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For shorts it is slightly below 3000 around 2990-2995, but the spike upwards from 3130 level is seriously worrying me.

Mainly becasue of the blue dotted line that could still be used for a launching ground upwards, and make this whole drop a fake move.

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Quoting Kambooj

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A possible spike upwards, which at the moment is not being ruled out,

can complete the curvature shown by the blue line. hitting the pole of the blue circle.

This will complete the cycle that has started from the low of 2994 on April 16th.

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Quoting kambooj

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a possible spike upwards, which at the moment is not being ruled out,

can complete the curvature shown by the blue line. Hitting the pole of the blue circle.

This will complete the cycle that has started from the low of 2994 on april 16th.

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Quoting kapital

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There exists the potential for a strong push in either direction soon.

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Quoting hipponax

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Is the blue circle correctly placed on the 11.05 chart? It scarcely permits any retracement of wave 3. As it is, there has only been a 38.2 retracement...

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Quoting Kambooj

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This pair is retesting a previous support. The rise is having difficulty going through the resistance of 3180 and the spike that we expected yesterday has happened today, with the difference of now reaching a higher than expected resistance spot, and have to travel more distance to do so. Had this spike happened yesterday and reached above 3200, expectations would have been to go beyond 3280, but now that its testing a previous support, now resistance at a longer distance, expectations would be to reverse and go downward. In another word we have...

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Quoting Kambooj

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Remember on the weekly chart we have heavy resistance at the red and blue lines, so crossing those lines requires a "Rewind of the spring".

That means lower levels below 3000 first.

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Quoting Hercs

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==================================

Kambooj, the Red-Trend-Line above does not include the break through towards the right where it was broken. At what stage do you take that TL off? I was taught that as soon as the TL is broken (violated), you move the TL and in this case it would have been upwards.

Would appreciate hearing from you.

Thanks in advance.

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Quoting Kambooj

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I redrew the trendlines, but in both cases of the red trendline, the break does not show sufficient momentum. You need at least 300 pips on this time frame to show authenticity, and slight breaks do not count.


Also you have to be very carefull about the fact that they say "As soon as a trendline breaks"

Often these breaks have to be adjusted with another parallel trendline drawn with the same slope to see whether they are not false breaks.

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Quoting Kambooj

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I redrew the trendlines, but in both cases of the red trendline, the break does not show sufficient momentum. You need at least 300 pips on this time frame to show authenticity, and slight breaks do not count.


Also you have to be very carefull about the fact that they say "As soon as a trendline breaks"

Often these breaks have to be adjusted with another parallel trendline drawn with the same slope to see whether they are not false breaks.

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Quoting Kambooj

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Here is what to look for, when

"As soon as trendline breaks" happens

It will prevent you from shifting views very quickly.

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Quoting Hercs

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=============

Thank you Kambooj.

I attach here for your kind perusal a picture of how I was taught where the Red-Tr.Line on top shows the current "active" TL and in relation to the Aqua one at the bottom, is now creating a Contracting Tri-angle (CT) and therefore the price will only break out once this triangle is broken/violated.

Your TL (Yellow in my pic.) sharpens this CT and it becomes an asymmetrical CT which "should" cause a break to the bottom.

The Red TL is symmetrical at present and we will have to wait a little longer to see...

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Quoting Kambooj

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Thanks for the diagram.

Here is another diagram with circles that show the reinforcement to go further down.

I pay more attention to support / resistance levels than the Elliot Wave structure

Nothing wrong with the view of looking at it as a contracting or symmetrical triangle.

But my experience from trading Elliot Wave scenarios was that they lock you into frames of mind where you expect motions to happen because of wave structures and one tends to pay more attention to that, and less on support / resistances.

Maybe thats...

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