Hello everyone , i recently started taking an interest in trading and started the babypips course and some other videos on youtube etc and im just wondering if i am on the right tracks on my technical analysis it is very hard to see by yourself if you are doing this correctly without other people opinion so i appreciate any opinions on this aslong as it is helpful. I was just looking at charts to see what i understand and drawing swing high and swing low’s and i think i spotted a Double bottom/Pennant and if it is one of those did i draw it/connect it correctly?.. Thank you!!
Double bottom if I remember is a bullish signal, but not sure if I’m seeing a pennant or a triangle. I would favour a bullish movement on this one, but would most likely place an OCO order instead to cover all bases.
I’m also a beginner so I cant really say if it’s a good plot and because charting is highly subjective, but for me it looks like a good idea.
I suggest the most profitable place to find a bullish or bearish signal is after a strong trending move. The signal could be either a continuation or a reversal, but if there isn’t a trend in the first place to either continue or reverse, then it might or might not make money but there is surely a better place to put your capital at risk?
Thanks for the reply’s this market is overall trending just came out of a huge bearish wave and just formed a HH and a HL on the 1 day timeframe so im guessing its pretty strong, but i am just looking at charts and see if i understand patterns for now and if im drawing them correctly , im not looking to put any money for now with little to no experience on risk management and trade planning i want to take things slow instead of rushing my trading experience without a proper solid plan
