There is only ONE way to look at the chart. There are many ways to interpret the chart. There are different approaches to dissect the chart.
While all these are being done, there are only 2 (TWO) questions remain that can determine whether you are going to make it or break it.
1. IS THE MARKET TREND TURNING?
2. HAS THE MARKET TREND TURNED?
The premise to learning chart analysis is to ........................?????? The answer to the question will determine if you will be chart for (1) or (2) above.
IF we try to preempt and anticipate what market is trying to do before it actually happen, than we will embark on the mindset (1).
IF we do not attempt to preempt, anticipate or predict the turning point, than we allow the market to LEAD and act accordingly while we follow closely from behind, we will be operating from (2).
The likelihood of jumping into many false alarms when we operate in the (1) mindset. We will be less likely to muddle into false alarms if we can successfully consistently take each and every step in the (2) mindset.
Operating in (2) sphere means an appropriate time frame has to be selected as the ANCHOR which has proven to be a reliable and good tool to use when each and every turn will run it course out over a longer period of time.
Sit back and ponder if one is (1) or (2)