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Created on: 2/3/2021 12:55:59 PM Last Update: 2/3/2021 1:23:45 PM Posted by: RTT
1 POST
Price channels on Ethereum
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 Support and resistance levels are critical, yet finding them is an art and not a science, channels are one of our favorite tools to do this, and once found they can show blue skies for higher prices.
Previous post: Best Wyckoff Accumulation for 2020
Since computers came on the scene there has been an explosion of algorithms and all sorts of fancy widgets and gadgets to read price and volume action.
Readtheticker.com is old school and we base our primary chart reading on the theories of Wyckoff, Evans, Gann, Ney and Hurst. In all these theories support and resistance determination is critical, and parallel price channels drawn off A-B-C points which find true price support and resistance levels completes the task.
Below are two charts, standard price chart and a log price chart with parallel price channels, to show the important contrast.
Note: RTT Plus members can view the private members chart book of price channels on all major indexes, currency and crypto's.
Chart 1- Standard.
Click for popup. Clear your browser cache if image is not showing.
Chart 2- Log with channels.
You can see how price moves between channel lines. If you had known the A-B-C channel drawing points early forecasting price via support and resistance would be a breeze. Please note the A-B-C drawing points need not be extreme price points, they are the price points which generate the best channel fit to price.
Click for popup. Clear your browser cache if image is not showing.
Changes in the world is the source of all market moves, to catch and ride the change we believe a combination
of Gann Angles,
Cycles,
Wyckoff and
Ney logic
is the best way to ride the change, after all these methods have been used successfully for 70+ years.
This post is a delayed and small sample of what is avaliable to members. Sign up to enjoy the full service.
NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
Investing Quote...
.."Money cannot consistently be made trading every day or every week during the year"..
Jesse Livermore Trading Rule
.."When I bet big .. I have a mind to own a position for years .. Yet you must have a ruthless objectiveness and open mindedness as to when the facts change to exit the position, if so within hours or days .. I have not used a stop loss in 40 years"..
Stanley Druckenmiller
.."It's easier to fool people, than to convince them they have been fooled"..
Mark Twain
..“One must search through a maze of complex and contradictory details to get to the significant facts … Then he must be able to operate coldly, clearly, and skilfully on the basis of those facts.” The challenge for the successful speculator is “how to disentangle the cold hard facts from the rather warm feelings of the people dealing with the facts.” Moreover, “if you get all the facts, your judgment can be right; if you don’t get all the facts, it can’t be right”...
Bernard Baruch
..“It’s not what you own that will send you bust but what you owe.”..
Anon
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We at readtheticker.com hold the view that a mix of stock chart technical analysis, Richard Wyckoff, William Gann and Jim Hurst methods plus market fundamentals allows the investor to formulate a very sound market opinion. These attributes are mutually inclusive and must be weighted equally before investing or trading in any Stock, ETF, Currency, Bond, Commodity, CFD or Mutual Fund
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