Question
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Proper way of reading price action?
3 Answers
<p>Check for support and resistance levels. Support and resistance areas are local structures which show previous reaction points. Support and resistance levels/areas are usually used to find high probability turning points or breakouts.</p>
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<p>When we combine wave analysis with support and resistance, and swing high and swing low concepts, you are already looking at a robust method. Wave analysis is an often-overlooked topic in technical analysis and when you hear the term ‘waves’, you’d typically think about Elliott Wave theory.</p>
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<p>Trendlines are arguably more subjective because drawing trendlines is more of an art than a science. When it comes to using trendlines, I suggest you focus on 2 main concepts:</p><ol style="list-style-type: lower-roman;margin-left:90.8px;"><li><p>The initial break of a trendline which can signal a shift in trend direction.</p></li><li><p>The retest of a trendline as a ‘safer’ entry opportunity.</p></li></ol>
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