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get free forex trading signals by Simple ABC Correction
What should you look for when searching for measured moves? Here’s a list • Measured moves act as reversals of the prevailing price trend. For MMUs, look for a downtrend before the chart pattern begins. For measured move down , look for an uptrend preceding the pattern. • The first leg should be a straight-line run with little curve to it. • The corrective phase should be proportional to the first leg. Prices usually retrace 40% to 60% of the first leg move. Be suspect of larger retraces. Pair large first legs with large retraces; small first legs with small retraces. Avoid patterns that look like horizontal saw teeth—the retrace has gone too far. • The second leg should approximate the slope of the first leg, but allow variation. • Volume trends downward throughout the pattern. Simple ABC Correction Trading Tips and free forex signals Draw a trendline from A to C and extend it downward. When price closes above the trendline, buy. • For more aggressive traders, draw a trendline down from C and buy when price closes above it (see the dashed line in the figure). Also, a close above the intraday high at valley B works. • For more conservative investors, a close above C or even A is the buy signal. • Buy only if the market and industry are both trending upward, so the stock can make the most of upward momentum. • Be prepared for price to reverse at A—36% do, and prices drop, confirming a double top. The larger the corrective phase retrace, the better the chance of meeting the price target
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