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stevesbg
 

Registered: Feb 2009
Posts: 300

 

06-09-09 06:31 AM

Okay now we scroll to the left so that same chart displays the overnight and the previous day's price action

snapshot-76.png
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stevesbg
 

Registered: Feb 2009
Posts: 300

 

06-09-09 06:34 AM

On that same chart, we place horizontal lines at the highs & lows

snapshot-77.png
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stevesbg
 

Registered: Feb 2009
Posts: 300

 

06-09-09 06:41 AM

and then we scroll back to the right to see the result of our work.

and we mark the tests of each of the S/R lines we drew using the previous day's price action.

As can be seen, one could simply trade the chart as it is, using the S/R lines from the previous day.

snapshot-78.png
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stevesbg
 

Registered: Feb 2009
Posts: 300

 

06-09-09 06:59 AM

and our next chart includes the daily, weekly & monthly pivots as well as the Previous Day's Value Area High (at 945) and Value Area Low (at 937.50).

Of importance here is the "confluence" of pivots, and Previous Value Area High occurring in the area of 945.

From our point of view one could have successfully traded the chart using only the S/R lines, the pivots, and the primary Market Profile numbers.

snapshot-80.png
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stevesbg
 

Registered: Feb 2009
Posts: 300

 

06-09-09 07:13 AM

Now some may not like trading off a 22500v chart. It gives the broad strokes of price movement but disguises the tests are retests that I like to use for entry and exits

So lets take the same chart and type in "3000V" (for Esignal users) and here is what we get with the added detail that helps to see where tests and retests occur.

As can be seen in the attached chart segment, price tests and retests, providing some nice entry points.

snapshot-82.png
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stevesbg
 

Registered: Feb 2009
Posts: 300

 

06-09-09 07:17 AM

and we scroll along a bit further and see the same basic action
as price tests and retests the S/R lines drawn from the previous day's action.

snapshot-83.png
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