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Agreed, no requirement for that at all. And one would do well to be aware that these small S & R forming will not necessarily translate into the grand poobah of trades .... different scales, different 'targets' (for want of a better word). |
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The "smaller" S&R don't translate into anything. They are merely components of the waves of buying and selling. The "target" remains the same, in yesterday's case, 1710.
Many novices will link "small bar interval" with "small target". This is a fundamental misunderstanding of what reading price action is all about. As Bearbull pointed out earlier, one is more likely to misunderstand intent with a longer bar interval than with a shorter one.