DislikedThanks, any thoughts on this monthly chart -- volume more specifically? Perhaps the big banking thieves are close to done on this one and then will begin slaughtering shorts for a while..... I'm sure you realize how many shorts would be destroyed if EU were to have a decent size (10% or more) swing to the upside in coming months/years.{quote} {image}Ignored
For me, the Month chart verifies there is reason for a bounce because price is at an area of previous bouncing both ways. That makes it a significant price area. It is mid-way between two important FR retrace levels. Will price bounce up or down? We cannot know this by looking at the Month chart, or any TF chart! What we can do is to gather in clues from PVSRA, best found on the lower TF charts, to help us with our trading decisions.
Remember this. If trading successfully was a simple matter at looking any or all TF charts then we would all be easily getting rich. Right? And experience teaches us that is not the case! The ingredients to successful trading include more than just looking at price action on charts. The ingredients include learning how the market really works and learning what kind of analysis is going to yield the best clues as to what the market makers are doing. If we learn how the market REALLY works, and obtain the clues needed to see what the MMs are currently doing, we have the best chance possible to spot a good entry in the right direction. This has the potential to be a more profitable trading method.
Remember also, sometimes from hour to hour the MMs will not decide yet what their next move will be. Why? Their next move will depend on the moves everyone else is currently making! Simply put, this is all like a game of chess. The MMs make their next move based on and after most everyone else of importance has made theirs. They know the orders waiting to be filled above and below the current price. And they wait sometimes for the rest of the market to do it's "guessing" to see how the price queue shapes up. Their next move might be a surprise to many, because they force price in a directional sequence and for distances that will make them the most profit. That, and only that, is their prime directive.
PVSRA and Patience,
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