Educational: Peaks and Valleys
Where do peaks and valleys form in retracements?
Peaks and Valleys or Tops and Bottoms are technically consistent. They adhere to the rules of support and resistance.
• All failures on the way up always fail at previous support lost (at previous peak)
• All valleys generally form from the support just above a previous valley or a significant support from the leg up.
Isn't it funny how many traders like to call these moves "false breakouts"? They do this because they don't understand how to properly read a chart.
It's funny how many traders do not even understand the basics of support and resistance...food for thought.
Peaks and Valleys or Tops and Bottoms are technically consistent. They adhere to the rules of support and resistance.
• All failures on the way up always fail at previous support lost (at previous peak)
• All valleys generally form from the support just above a previous valley or a significant support from the leg up.
Isn't it funny how many traders like to call these moves "false breakouts"? They do this because they don't understand how to properly read a chart.
It's funny how many traders do not even understand the basics of support and resistance...food for thought.
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