So I'm EXTREMELY ( I can't say this with enough emphasis) NEW at this. What really brought me here in the TA world was really the art of it and the need to LEARN. This isn't my first TA practice but it is my first publish. I need insight and I'm hoping that anyone of you peeps can give me just that. At this moment I am looking at Bitcoin in the 1H time frame. I've set up the EW waves along the resistance line in white and the fib right along side it. I believe it'll go back up to that price line at 11,700 (maybe even more) completing the inverted H&S pattern. Thus bringing us back up? I'm not too sure, hence the cry for help. I only accept CONSTRUCTIVE criticism. Tell me what you guys think!
If you like predicting the beginning and continuation of trends as opposed to trend reversals, I recommend the Average Directional Index & Directional Movement Indicator (ADX & DMI) and Supertrend. They predict trends and how strong they are; supertrend is very useful for creating a stop-loss for you.
YardleyRosette
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RSI/Stoch may help to show divergence in price to signal next move but I otherwise don't recommend it.
YardleyRosette
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I've seen people use RSI & stoch but don't use them because Traders Dynamic Index is to me much simpler in identifying what I need such as reversals and retracements, it works as an oscillator, I use it as a reversal indicator.
YardleyRosette
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A reversal is clearly the same as the 'start of a trend'; and continuation of a trend is a retracement which is also foreseen in the Traders Dynamic Index.
YardleyRosette
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Such patterns are always, when not formed (H&S) only theoretical and can be invalidated when proven wrong. They are valid if it is fulfilled (H&S), but I prefer Bat/Crab/Gartley since once formed have a plan to act while elliott waves only attempt to make a market move prediction.