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The "smaller" S&R don't translate into anything. They are merely components of the waves of buying and selling. |
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Yes, yes, yes! We are getting somewhere here.
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Many novices will link "small bar interval" with "small target". This is a fundamental misunderstanding of what reading price action is all about. |
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Ya gotta remember those different scales Db - not everyone is going to have the same 'target' as you. Not every chart is going to be useful for the same thing. By all means use the 1 minute (or whatever) to help with entry for 'your' target, but recognise that a small interval is extremely useful for a small target for someone else's trade.
In the end, reading price action is just one component of trading. Many novices miss this point. Yes its an important component of trading, but where the rubber hits the road its about risk management and to expect a 'pattern' on the 1 minute to give the same result as a 'pattern' on a larger scale is going to end in disappointment much of the time.
Thank-goodness this is a pre-Fed announcement morning, allowing us the luxury of some navel-gazing! Over to you for the last word!