I have read so many conflicting reports on how far to look back on the daily chart to find resistance or support. I am curious to how far you will look back to determine this for intraday trading . thank you
For day or night trading, don't bother to look at the daily chart to find R or S. Just focus on the intraday chart. Just look at what has happened few minutes to few hours ago. And don't draw R or S line on the intraday chart. You will be getting thousands of conflicting answers. Thank you.
Ah I see. So why do traders who are successful use the daily charts for intraday trading ? Because it seems alot of the times the price action intraday doesnt refer to the daily chart as much lol
If you are trading on an intraday short term basis then that is what you look at. Obviously early in the current session there might not be levels, significant ones, established yet. So you look to the previous day. Otherwise today's swings are priority.
I think too many traders just want to trade without testing anything on their own to determine their daily routine of their trade methods. Just the same, they're reluctantly to discuss their daily routine. For example, everybody knows when (time duration of the day) they trade. Why don't they mention the details of such ? Some traders are different or using different approaches to s/r levels because what they've decided to use...it fits well with their daily routine. It's not helpful to you if you're using a different trade method, not trading the same trading instrument or has a different routine (time of day you trade). For example, pretend you only trade the overnight trading session. Your s/r levels will be different than someone that trade stocks and not futures. Pretend you only have time to trade the first hour of the regular trading session as a day trader...your s/r levels will be different than someone that's a swing trader and holds their trades for days or weeks. Without the above info about the daily routine of trading by the trader...that is the reason why you get conflicting reports about chart preference for intraday trading of s/r levels. Quick solution (weekend worth of study / testing)...as stated...test your trade method on different ways and how far back to look back instead on relying on someone to tell you how they are using s/r levels differently than you and via a different trade strategy. wrbtrader