TxAggie-12 said:
FJ43 said:
fooz said:
TxAggie-12 said:
Oldarmy1 - Is this a goal post example?
Does this show 2 Model Ts? Or just the first one?
I'm not at a PC but maybe to help visualize. Look at each "V" on the chart, draw a line from each V high point to low point straight down. Then complete the sideways T by drawing a horizontal line at the 50% measurement of the vertical line.
That's your T. There are actually multiples of them depending on what time span your looking at.
added Model T...others can correct if I did this wrong
Yep that's the concept. The last one should be moved slightly forward. There are actually others as well but you can see now where some bounced off the 50% point, some continued on past and others tried but failed. Regardless past the model T retracement line you can see how something can be successfully traded back up after confirmation.
30k posted a great illustration of the reversal confirmation above that is your initial signal it's time to enter.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11