POST Some CHART Images in THUMBNAIL Format Right Here, Baby.

themickey said:
Purely out of an exercise, I have a monthly chart of wheat futures below.
Taken from the low to extreme high, Aug 2016 & Mar 2022.
Using Fib retracement, I'm looking for the bottom of the current correction.
According to the Fib level of 61.8% that would be $624.70.



View attachment 313693

Zooming in to a daily chart below, we are right on target for the low right now on wheat if 61.8% level holds.

View attachment 313694

Am I analysing this correctly?
More...

Wheat - https://finviz.com/futures_charts.ashx?t=ZW&p=d

delete.png
delete1.png
 
Question from my mentor that changed my trading.
"Mike, when does a 4 hour chart 3 Bar reversal not work?"

I will never go back to lower time frames.

Screenshot_48.png
 
There’s one fail in your screenshot :p
Not sure how you define a 3 bars reversal …

But here you might have gone short then bought back higher.
More...

Not sure if I see what you see.
I traded all 3 reversals for wins.

I've circled them here...None of them were a failure.:D

Screenshot_48.png
 
Forget that book knowledge stuff.
Just look for the highest high,
or the lowest low in a 3 or 4 bar sequence on the 4 hour time frame.
Same thing works on the 1 hour time frame.

Example below for Gold..only thing required is PATIENCE..
as it would take 20 plus hours to win this trade.

Screenshot_49.png
 
Last edited:
You must log in or register to reply here.
Back
Top