Here is my lowest time frame chart (133 tick). The grey parallel lines are basically a channel with a 50% line in the middle. The dashed lines are this same distance above and below the channel.
Yertle, I had the same issue with screen size as ET does not scale the charts you post and they are not easy to see in screens smaller than 32 inches. If you post smaller charts they will be more visible to other members. Just a recomendation.
NQ testing the midpoint of the hinge that began forming five hours ago. This also represents the top of that 60-64 S/R zone that's been forming since the 15th.
My context for today: 60 Min Just can see lots of chop, not sure we are on an uptrend there. 5 min I can see the hinge Db mentions, found R at PDH (Previous Day High) and showing some lame action on the seller side but still going down.
I felt like I was reading price fairly well today. I tried not deleting any lines I drew today. Here is the final result. The pink horizontal lines are the levels I had on the chart before I started trading. The blue and red ones were added during the trading
YT With all due respect Sir; That is one busy chart You sure paralysis by analysis isn't occurring One other thought - pay attention to the horizontal S&R with the same attention as the Diagonal - but possibly with fewer lines for both?? Looking for low risk entries... not all entries RN
I appreciate the feedback. I know the chart looks very busy. Like I said I tried not deleting any lines that I drew today and a lot of them I would have. Its kind of an exercise on what my mind was focused on. I only took two trades and they both were profitable not that that means much. Both were low risk the way I framed them.
Fair enough Two question though (and theyâre rhetoricalâ¦, simply offering them up as something to review) Your two trades today â long or short And were you trading â a retraceâ¦, a breakout, or a reversal Reason I ask..., intraday trend today was down â were you in sync with it (the forest vs trees view) Doesn't get any better RN
The lines are supposed to be a help. That's why I suggested them way back when (and by "way back" I'm talking several years). But at some point, they can and generally do become a hindrance. If I were mentoring somebody, I'd know when to tell him to move on and put the lines behind him, so to speak. But I have no control otherwise over who does what and how and for how long and to what extent. Thus some/many people "fail" with the lines and conclude that they're useless. But they are rather a device. If you need them, use them, and don't feel bad about it. But remember that the goal is to do without, to have as clean a chart as is humanly possible. Consider, therefore, the following: You have to see the hinge to begin with. If you do, you obviously see also the midpoint. You see that price has risen from the apex of the hinge and is returning to the midpoint of the hinge, perhaps to test it. This test occurs and price bounces off that level about 15m before the open. If you take the long, and there's no reason why you shouldn't (if you wait until the open, you won't likely be filled), you're good until price reaches 78. For whatever reason, buyers choke at 78. You don't need to know why because this is where the demand line comes in. It's broken. You exit. You stand aside. When price reaches 73 and attempts to recover, it fails to do so, and down becomes the line of least resistance, even though all this is happening at a level higher than 50% of the rally (71). So you short. You may have to exit and re-enter a couple of times, but you won't lose anything, and if you can wait to see if price is able to exceed any previous swing high, there's no reason to exit at all until after you hit 57. You may notice also that all that congestion from 1015 to 1100 centers around the 50% level of the rally (again, 71), and once that goes, it goes. The only line you "need", then, is the first demand line. After that it's a series of failures to breach the preceding swing high, and, eventually, a capitulation.