Can yall help me break down this chart movement?

[David's faith]

For 99.2% of people on this website....if all of that stuff worked, you'd be a millionaire in a decade. But no one is.
I wonder who here has actually made a million in net trading profits -- ask around, everyone is too proud to be honest,

All journals are failures, and all vendors are failures, and everyone who makes calls are failures -- or 99.7% of them are.
I could name, or sense, a dozen names at least. But I won't.

Every profitable trader who converts parts of their profits into investments will be a millionaire eventually, even if not by trading alone. Keep that in mind.

 

[TheDawn]

Yeah, that must be it. 16,000 posts but too humble to admit to making millions

not humble, just not necessary. That's how I would feel.

 

[JackMorgan]

Well, if anyone here is making millions, they are also keeping their skills a deep dark secret .

 

[TheDawn]

Well, if anyone here is making millions, they are also keeping their skills a deep dark secret .

If someone is making millions, I don't think they will be on ET. They will be busy doing something else. LOL

 

[SunTrader]

Trying to understand this chart. Since its extremely clean moves.
Can someone correct my thinking here if im wrong?
..

Synthetic bars. No thank you.

 

[smallfil]

Well, if anyone here is making millions, they are also keeping their skills a deep dark secret .

Only the ET trolls make the millions. They regal the ET troll crowd with their trading mastery yet, ask for help handling their trades? Go figure that one out.

 

[cesfx]

Big head show-off master traders talking of millionaires like if they didn't exist...

And they don't even realise how ridiculous this is.

 

[guest_trader_1]

That chart is just a reflection of what happened with the company's IPO.

https://investorplace.com/2022/06/lytus-technologies-lyt-stock-plunges-90-percent-in-freefall/

If you go back in time you will see more than a 150% gain in the previous month. If you want to apply price action analysis to a chart you need a more stable company with strong fundamentals, otherwise anything can happen.

 

[M.W.]

You perfectly proved the point that TA is akin to reading tea leaves...

View attachment 287978

short it at the first down arrow.

2nd down arrow. too late to short it.
in fact, you should take some profit / adjust your STOP.

don't bother about the traps and knives and clouds
and whales and flags and bottoms & institutions and those things.

 

[M.W.]

So, the charts have a personality of their own and are out there to make unwary buyers believe certain things? I guess you have it upside down. Charts are nothing but a reflection of past prices.

There are so many con artists out there because there are so many vulnerable prey who want to believe in candle and bar formations...

No, bull traps don't end with just 1 bar. It's more extended, and usually with ferocity, to make unwary buyers to believe that the selloff is finally over.


Institutions have the might to move the market and this is definitely one way to do that. What usually happens is the institution would gun the short sellers first. That would trigger a massive stop-cover rally (this is what would start a bull trap). Then on the way down, they would gun the sell stops, accelerating the selloff. Stops are usually congregated around the areas of milestone numbers or indicators like VWAP and MA200, etc.


Measured move: The distance from the top to the first pause is about the same as the distance from the pause to the bottom.


Nobody knows for certain (at the time) if that is a reversal but everyone will know when the rally gets going. One sign of confirmation is the higher low. Until then be patient and wait.