Thanks Frank. It's tough to read your chart as it does not expand. What values you have for weekly and monthly A up and A down level. and OR for weekly and monthly? Daily A down level @6.15 am in the morning? Which time frame? Euro session? and what time frame you are using for daily OR. For NY session I use 45 minutes OR. I trade NY session , so i thought you may be referring to Euro session.
thanks for the table. It didn't occur to me that the A,B,C,D values changed. Do they change so that no matter the opening range time choice, the price levels of A,B,C,D stay the same? If I want to get these say for GJ - volatile pair- what opening range time should one chose, and how to determine the A,B,C<D value?
That chart and this chart are showing daily, weekly and monthly levels. Any values I calculate using OR I refer to as intra-day values which are not shown on this chart as I tend to only use those as confirmation of a slightly longer time frame. We came down and hit the weekly of 96.40 almost to the tick. I believe both the weekly and monthly values will be in play today and probably again tomorrow.
Zen berates a fellow trader in another thread. lets see how one of " the best and the brightest " trades grease. ...................................... Zenster " long position update " without a stop and very hard to do with his one up leg chewed off. reminds me of a " one legged man trade" more on that one later..... ..................................... a shop full pull to the 5.7 exit door. previous chart in this thread for the fib expansion grid setup. trend is down. lets reflect on that...... s
Solid yellow lines weekly, red solid lines monthly levels? Which ones are daily ? Glad to see our levels are in the same area. Weekly and monthly levels are obvious , I just do not like to assume anything. Thx
Sorry about that, I should have put a caption on that chart ... but daily is blue, weekly is yellow, monthly is red. I also calculate out quarterly and yearly levels but they are not in play at the current levels.
a very good skill to have. there are no " old and bold traders ....." only those who " think it might be possible for this or that to happen........" never call the market direction and use the words " it is obvious......" you will most certainly live to regret it. great thread..... s
My response regarding indicators. Hi you use no indicators? But support and resistance is an indicator. Supply and demand, also an indicator. To say you use no indication at all means you just look at the price and think its going up or down for whatever reason you think. Or you get an insider tip or something. Thanks for the thread its interesting to read R) You are correct. I was trying to imply traditional indicators like macd, moving averages etc.. I know some traders who use some very common indicators and do well. I just could not get my head around them. I rely heavily on Volume- which is an indicator. My A and C reference points along with 30 days number line are indicators.
No direction since 9 am OPEN. Took longs off 96.26 support but scalps. First long 96.42 out 96.82 , next long 96.32 out 96.84. Stop loss was 96.19 Those scalps add up.