Seeing as looking with at least some of the larger bar intervals will be required if you want to know the general conditions that govern the market, then yes, of course. You should know this by now -- it is the prep work. What Db is hinting at is the analysis paralysis that can haunt you because you're too afraid to just go with the flow. Take responsibility for your own actions.
I wouldn't say I'm "hinting"; I'm saying flat out: if one doesn't spend the time and put forth the effort to characterize his market AND prepare thoroughly for whatever his upcoming trading session might be, then he may as well give it up and go back to being a hobbyist. This is the wall we run into every time, when those who have been pursuing one approach or another find that Goddamn, this is a lot of work and decide that maybe this isn't what they want to do after all. Which is fine by me. Trading is not for everybody. But if one wants to succeed at it, consistently and at a level where he can make a living at it, all of this is required, same as in any other profession.
This is obvious but I'm looking at more than the Weekly, Daily, Hourly that most people are stopping with. I will look at a daily volume profile, several tick charts, a P and F chart etc. I'm not trying to trade off any of them but they help give me a sense of the LOLR and important levels that might come into play as the day unfolds. EDIT - I'm a little confused - joined 2007 - total of 31 posts and 3 of them today. What got you off the rail? Have you been trading this method for a while?
While I'm not suggesting that everyone else got it wrong, I do want to point out Bern's prep and post charts. What he did in prep was pretty much everything he needed to know to have a successful session. Whether he actually did it or not in real time is the purpose of the review. In other words, did he do what he planned to do? If not, why not? The following day's prep thereby becomes even more robust. I commented on them at TL.
I believe that many are trying to make this more complicated than it really is. I put forth that even if one forget about means, ranges, trend channels, etc, and simply use straight SLA for entries and exits one can and will be profitable. Everything else is simply icing on the cake, icing that will no doubt help guide better entries and exits, but icing nonetheless. If you are having trouble with applying all of the SLA concepts, take a couple of days and simply do supply and demand lines, once a line is broken, take the trade below the v-shaped or ^-shaped retracement. I guarantee this works, I have turned my trading around using straight/simple SLA.
You introduced "mean reversion" in your post so maybe I should have asked for clarification and not just assume you mean what I mean. To me it is the tendency of price to return to an average or mean that reflects the perceived true value of an asset. Price will only be there for a while and tend to oscillate up and down in swings that vary in size depending on just how well agreed upon is "true value" (or "fair value"). The mean need not be a straight line. Taking a return to the mean for granted is also a sure way to blow up as witnessed on this board more than once. Still wondering about this: If you were just pointing out something you think we should be paying attention to always it's fine; I'm just wondering if there was something special because I can't see it.
I just wanted to ask if anyone knows what is the deal with 57, besides a hinge apex from weeks ago (march 27th), I cant find relevant price action regarding this level.