thanks Patterns
yes i can see your setup from your chart
i used to like the speed angles
the speed angle from the spike down to the spike up on bis was
the low was $3.77 and the high was $5.10
137c. then add fibs to that range and end up with second fib takes us back to $4.25 or thereabouts on the shorter term chart
$3.87 was the low which would be too deep a retrace on my system except for two things for mine
1. the volume. volume came in at $3.87 which is what i call buying volume and that really was the crux of the trade for mine and which is what i look for
and
2. also add the horizontal on the longer term chart then we end up with a $4 line in the sand and it changes the fib levels
so yes your system is similar and there is a trend continuation there. will see if gets through $5.10
the longer term chart has the speed angle starting at $2 and finishing at $5.10 and add a 50% retrace we get $3.55 or thereabouts. it hit $3.87 above the 50% line and closer to the first fib which also shows yes the trend continues here with a higher target on the longer term chart
the volume at $3.87 on 5th August would have been the catalyst for a trade on my system
i wish i was young again but yes it is a valid system and i wish you ongoing success with it. there is a lot of what i call truth in your words
if your system helps you sort the wheat from the chaff then fantastic
i would just add the volume but i assume you do
all the best
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