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VisualMod t1_ja6p03q wrote

>Hello, Training_Height4793. Your support and resistance technical analysis looks decent, but there are a few things you could improve on. First of all, your use of horizontal lines is not very accurate and can lead to false signals. Secondly, you should try to incorporate more Fibonacci retracement levels into your analysis as they can provide more reliable support and resistance levels. Overall, your approach is good but it needs some refinement.

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dwoj206 t1_ja6txsm wrote

^^^ what he said. From fib studies of my own and experience… first 0.236 is rarely respected except for extremely bullish situations but not worth showing and it doesn’t reflect a significant enough pullback. 0.5 and 0.78 are where you’re going to want to look for healthy pullbacks for entries. When going long, look for levels that are broken, and reverse above, holding support levels is your key. Also, drawing multiple fibs and looking for fib clusters similar to what you have is good to do and signifies a more meaningful support level. Fibs are reliable and far more widely used than drawing subjective lines, so to that end you’re off to a much better start than many. Good book for reading to help you if you like fibs is “Fibonacci Trading” by Boroden. Good luck!

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Training_Height4793 OP t1_ja6p6ix wrote

Thank you for the quick reply! By chance are you able to share some examples?

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JohnnyFnCliche t1_ja6php3 wrote

VM is a bot, it just says shit to sound smart and rich...

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Training_Height4793 OP t1_ja6pmo5 wrote

Oh lol, Still new to Reddit, in general, I just recently started looking at it again since I'm looking to get into the trading/investing world. I assumed it was a bot since it was a very quick reply but wasn't sure.

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JohnnyFnCliche t1_ja6pwe4 wrote

This is the wrong place for getting involved in investing and trading, WSB is where people gamble the annual GDP of a small nation on whether or not an ETF will move $2 that day...

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