I need objective information to help me interpret the chart
2025-01-20
Category: None


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With this decline, the BW(100) indicator was created at 104556.23.

Accordingly, the high boundary section is the 101947.24-104556.23 section.

Unfortunately, since it fell below 101947.24, the key is whether it can receive support near the MS-Signal (M-Signal on the 1D chart) indicator, i.e., around 98892.0, and rise.

If it falls below the MS-Signal (M-Signal on the 1D chart) indicator and shows resistance, it is highly likely to turn into a short-term downtrend.

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The settings for the StochRSI indicator I use are 14, 7, 3, 3 (RSI, Stoch, K, D).
The source value is ohlc4.

If you set it as above, it will show a movement similar to the StochRSI indicator on my chart.

When the StochRSI indicator
- falls in the overbought zone,
- is located near the 50 point,
- rises in the oversold zone,

volatility is likely to occur.

However, you should check whether there is support near the support and resistance points drawn on the 1M, 1W, and 1D charts and think of a corresponding response plan.

Therefore, by checking the relationship between the movement of the StochRSI indicator and the support and resistance points drawn on the 1M, 1W, and 1D charts, you can choose the point where you can make a trade.

If you can calculate these selection points, I think it is highly likely that you will be able to create a trading strategy that suits your investment style.

It is good to predict future movements with trends or waves, but if you can calculate the point where you can actually make a trade, I think you can create a better trading strategy.

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I wrote a long article, but

1. Will the StochRSI indicator fall in the overbought zone?
2. Will it receive support near the MS-Signal (M-Signal on the 1D chart) indicator?
3. Will it rise to the high boundary section?

You should focus on the three things above.

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The method of drawing support and resistance points is drawn according to the arrangement of candles.

This method can actually include subjective thoughts, so it requires skill.

Therefore, if possible, I recommend that you sign up as a paid member of TradingView and share my charts with me, and use the HA-High, HA-Low, BW(100), BW(0), OBV, +100, -100 indicators that appear on 1M, 1W, and 1D charts by the HA-MS_BW+v2 indicator as horizontal lines and use them as support and resistance points.

Then, even if others look at the charts, they will be easier to understand, and it will be easier to share opinions on trading strategies according to each other's investment styles.

By utilizing indicators that anyone can use in this way, you will be able to view the charts objectively.

If you trade based on what others tell you, you will likely not be able to respond quickly when sudden volatility occurs.

Therefore, when creating a trading strategy, you should roughly think about how to respond to all cases, both when it goes up and when it goes down.

That's why it's best to draw support and resistance points or other reference materials on your chart if possible and prepare countermeasures accordingly.

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Thank you for reading to the end.
I hope you have a successful trade.

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