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Hello community!
Today I'll be sharing my opinion about observing charts in certain conditions like we are experienced nowadays.
For those, like me, that use technical analysis when exchange rates achieve deep bottoms or highest levels sometimes we can make decisions based on ilusions or make technical analysis mistakenly if we use supports and resistances, considering we are using differents time frames.
An example to be more precise:
a) Presupposition:
Main indicators used: supports and resistances
b) Pair: GBP/USD
1) H4 time frame: you have no visible refererences on chart for draw the support line
In this timeframe charts it is just not possible to trade with Supports or Resistances for obvious reasons. However, if we used them constantly we tend to buy on deep lows. And for H4 timeframe cross is now in a deep low.
By the other hand:
2) D1 time frame: with this period we already have references and we can see perfectly the extreme bottom and we realize that exchange rate not even touch the support line for D1.
I wrote about this last Friday on my Technical Analysis report
So it is important to manage your technical analysis using all timeframes available to make the right picture and therefore more conscious analysis
A very nice weekend for all.
Today I'll be sharing my opinion about observing charts in certain conditions like we are experienced nowadays.
For those, like me, that use technical analysis when exchange rates achieve deep bottoms or highest levels sometimes we can make decisions based on ilusions or make technical analysis mistakenly if we use supports and resistances, considering we are using differents time frames.
An example to be more precise:
a) Presupposition:
Main indicators used: supports and resistances
b) Pair: GBP/USD
1) H4 time frame: you have no visible refererences on chart for draw the support line
In this timeframe charts it is just not possible to trade with Supports or Resistances for obvious reasons. However, if we used them constantly we tend to buy on deep lows. And for H4 timeframe cross is now in a deep low.
By the other hand:
2) D1 time frame: with this period we already have references and we can see perfectly the extreme bottom and we realize that exchange rate not even touch the support line for D1.
I wrote about this last Friday on my Technical Analysis report
So it is important to manage your technical analysis using all timeframes available to make the right picture and therefore more conscious analysis
A very nice weekend for all.
