Hello @lonnie.sprinkles, good to see someone responding to the content, to me that is a harmonic pattern backed by fibonacci. There are a lot of tools I can't use properly on that platform,possibly affecting my accuracy, the main idea behind this is the overall position in this H1 timeframe is still long, as long as PinkX is not broken, I will not assume short. D can also be at a lower point, preferably the 88.6% retracement, but the inner trendline is broken, thus I can boldly assume long with SL below X. As to why the harmonic is placed there, I will like to do a take profit of 61.8% from C-D, as C is not broken, higher high is not formed, thus the direction is still short on this timeframe. Point D is also considered a double bottom for me. Thus with all the factors above, I take this as a high probability setup for long.
As to your second statement, I believe many people do not know that, swapping this way can be done, at least some people that I know doesn't know this. It may seem obvious, but to those that doesn't touch on finance, maybe not so. Yes the spread is something to consider when swapping, therefore some math is needed to ensure you are in the green when you swap. For me, I do it for currency, but Its over months of holding my primary and secondary currency.
Thanks a lot for your feedback.
And most importantly, trading is just speculations with highest probability, It took me years(8) to chart without needing tools and just my eyes to capture. It is all subjective, even the way we plot support and resistance can be different.
Only trade with your own analysis, maybe cross check with a few reliable ones.
I know on Poloniex they don't charge a fee if you have a "resting" order in the market. This way you can enter and exit with literally paying zero fees! ....making bets with no "house" involved..good deal.
I trade order flow. I spent the first five years trading based off technicals and what not...then I started trading against those people...and everything changed! Hope to chat with you again!
*thumbs up! hope to chat with you again. There are people doing all sorts of things to make money through trading, I know someone that trades by reading candlesticks only and... crazy. Work with whatever that works for you.