In my trading I dont look for patterns like triple or double tops, head and shoulders, cup and handles, triangles. I maintain if one looks at the clouds one can always see jesus face, our biases are very strong. Horizontal support and resistance lines definitely I use, sloping ones not so. Things like EW, Fibs, moving averages, I pay no attention to. Imo, there is no divine numbers. There are other things like Key days, where you'll get very strong volume or very long bars. But they are difficult to code as frequently you'll get numerous ones. One can also use a type opposite key day, like very low volume and very short bars. Again you run into the problem of numerous ones.
Up Arrows = Support Down Arrows = Resistance Whether they hold or break, it means something. "Buy Support Sell Resistance Trade with stops"... KISS!! The 19115 price level is a "bear pivot"... a highly reliable play. You'll discover that if you look further into Price TA. If you haven't caught on by now, could be you never will.
Of course.. ALL big moves incur 1 or more breakouts.. up and down. The key is to "recognize early, and chase quickly".... so that you can control risk with an appropriate stop. Then again one has to deal with the potential of "false breaks"... a separate topic. I've been in the markets for a long time. If I were to give advice as to "what is most important of all"... it is PROTECT CAPITAL.... and you do that with smart entries and stop discipline. Even if the market "fakes you out" (and you know it sometimes will)... and even if you flub THIS trade (you know you will do that too)... there will be others. You don't have to "get them all"... or "nail a trade perfectly"... what you DO need to do is always PROTECT CAPITAL... and catch what you can. It's a marathon, not a sprint.
Yes so there you have it...what you call a false breakout with your voodoo method, of which you have no idea when it will happen, EW has labelled as an ABC correction. Yes I have read Brooks.
Update... the buy arrow 18800 and the sell arrow 19115 were both correct. I have no insight as to what's coming next... "playing it by ear", just like everybody else. Price TA... KISS!
Thank you for the responding and very well stated sir. I agree!!! I have learned to do IT all and be slave to PriceTA. And just trade everything and keep on going. I am a slave to PriceTA.