Wednesday 10 March 2021

[BINOTRADER]

At the exchange rate of Euro-British pound we have a possible occurrence of double bottom formation.
We open an ascending command and use stop loss at the base of the first bottom so that if the formation is not confirmed the command closes automatically with some small hassle.
We ask for an increase above the price 0.8571.
If the price goes up we will see how we will move.

 

[BINOTRADER]

But now I will show you something else.
The schedule we saw above is 4 hours and showed us a double bottom for possible appearance.
However, although at 4 o'clock we see bottom style if we go to a 2 times higher chart, ie weekly which makes us shrink the 4-hour chart, we see the image below.

On the left we have the 4 o'clock and on the right we have the weekly.
So we see in the right chart that we had in the past short period of time the appearance of a double bottom and now the current price we see shows us still a downward trend.
So you see that we must always look at the previous charts from what we use while we must always use the stop loss command to avoid surprises.

With this I want to show you a basic step.
Always before we open an order we have to look at the two times bigger schedule than ours in order to check the general situation before proceeding.
For example, if we see a formation in a chart, we will never celebrate unless we first check the value course in a time-shrinking chart.

 

[vaggosalonika]

In short, before giving an order, we must look far enough back and far enough forward to have a complete picture.

 

[BINOTRADER]

Look at me I like the 4 hour chart very much. To have a summary I will go to the weekly.
If I played hourly they would go daily.
Always two diagrams only bigger not smaller.
You are interested in seeing the movement of the price in a greater depth of time and not in operating to see candles.
You can only do this in binary.
Go to a smaller chart because that's where it matters.
Soon I will give you diagrammatic exercises

 

[vaggosalonika]

but you also did an article "

Schedules and Candlesticks - The forex operating table

there you wrote to look at the last candles (short duration) so as not to confuse us maribozu

 

[vaggosalonika]

I have another question in the article

Schedules and Candlesticks - The forex operating table.

either you wrote it wrong or I did not understand

 

[BINOTRADER]

That's what I'm telling you. We look at candlesticks when we want to see what is happening in a particular place.
Here we are not interested in the point but the course of the price over a longer period of time.
I hope you understand how I say it.

 

[vaggosalonika]

I'm waiting for you to put in exercises

 

[vaggosalonika]

That's what I'm telling you. We look at candlesticks when we want to see what is happening in a particular place.
Here we are not interested in the point but the course of the price over a longer period of time.
I hope you understand how I say it.

I understand but again it is not a small element that something is going to change; of course we are interested in the longer duration but also seeing short times is a small percentage of indication right? for someone who does not have a lot of money or has not put a stop and wants to avoid the big negative series is not right to look at this?

 

[BINOTRADER]

With bigger schedules than what you play you can avoid false chart formations.
It is the trader's weapon for detecting false formations.

 

[BINOTRADER]

A big battle over support took place yesterday, which confirmed that we do not have a double bottom.
Nevertheless, we have a small upward trend (dark green) that I expect to strengthen even more.
We stay alert.