LESSON - MOVING AVERAGES - $MRNA Case
Added 2024-04-22 17:20:11 +0000 UTCI got a message from a member to say they were annoyed I got this chart wrong....I have attached the previous chart from a month ago, showing how perfectly this has been moving over the last month with our projection, so maybe we will take this opportunity to make a lesson.
I get that many people are at different stages of their learning
But we all have a responsibility to learn the basics, moving averages is one of them.
-What the 50 and 200 Day MA's are (50 MA is in blue, 200 Day MA is in yellow)
Staying above these important moving averages is a positive sign for bulls as they determine the trend
Particularly the 200 Day MA, above this level and the bulls are in control, below this level and it favours the bears.
Watching how the 50 and 200 Day MA's interact with each other also helps to determine where the trend IS GOING. So the 50 day moving upwards through the 200 Day MA is known as a Golden Cross and generally considered a change trend and bullish, likewise, moving in the opposite direction indicates a bearish trend.
Everyone should have TradingView or Webull downloaded on their phones or laptop for charts and the SMA 200 and the SMA 50 should be added to their indicators, this is free and the colours should be changed to how my chart is presented so ease of use.
We mainly only use the this moving averages on the 1hr chart or the daily chart.
Other key formations observed on this chart:
Ascending triangle formation: Bullish formation
Wave 2 holding on the 0.618 Fib, signal that a pull back was in Wave 2.
Testing the breakout level, at the Wave 1 high
Learning these basics will help you to understand how to read a chart and determine which trend is favourable at the time.
Comments
You can search for EMA and you can find a community script 7EMA_5MA. Total 12 lines!. You get many in one indicator :)
Amy
2024-04-23 17:33:50 +0000 UTC90$ for the year sounds legit๐
Matt
2024-04-23 10:58:32 +0000 UTCSorry I thought this was free....I have the PRO account, I think it cost $90 during Cyber Monday for the year, it may be worth waiting for the next deal to upgrade.
Gareth Neary
2024-04-23 10:57:08 +0000 UTCAwesome but I believe adding 50&200ma is not free (on trading view in my country)
Matt
2024-04-23 10:55:40 +0000 UTCGreat!!
Michal
2024-04-22 20:49:25 +0000 UTC
