Hi to everyone,
My names lee.lives in christchurch nz,I am a English and have lived nz for nearly ten years. Unfortunately christchurch has suffered with some major earthquakes,and we as a city have suffered 10000 aftershocks of varying degrees,but we are slowly rebuilding.recovery from natural disaster has had a positive effect on the economy though including.nz is commodity based I believe milk is our primary export and yet our $ stays high regardless of the slump in milk prices.
I have recently started the pipsology course and I found the section on abcd drives and 3 legged drives curious.from what I could garner if a bullish abcd is confirmed… A buy signal is generated. Yet could it not be the path to forming a 3 legged drive? and there fore would the position to take the bullish signal would be to wait until the 3 legged is unconfirmed?
Phew I hope I’m not over analysing!!
Greetings Lee and thanks for sharing your story about yourself and Christchurch. It must be tough there but you sound like a survivor! Chart patterns like 3 legged drives or abcd are a bit subjective (we all can interpret patterns differently), and keep in mind that they’re not guarantees of a behavior pattern to come, only a probability. Since there can’t be any certainty, the important thing to remember is whether you take a trade on a pattern, fundies, or other technical arguments, have a risk plan ready to go for different situations. Hope this helps Lee… good luck!