I am still reading the thread from the beginning, but I wanted to know what is the purpose behind using a 4 hour and 1 hour chart versus 30 min or 15 minutes?
Those time frames are used to find hgher probability S/R levels before the session opens as part of our morning planning/worksheet. I dont use those TFs to enter trades, just to find the best areas for trades. I do often use smaller time frames to find levels intraday.
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
Should one have shorted the S&P when it hit the resistance level? I don't have access to emini's so I just use $SPX to practice. I'm still trying to understand the Bollinger Band part. I must admit this S&R does make things a lot easier to understand. I'm still working my way through this thread and will probably go back and read it a second time.
Which level? Read the thread 4-5x. Every time I read it, I gain something. It's one of the most informative threads I have read
my calculation of the $SPX for Thursday was: resistance level = 796.25. pivot point = 788.34 support level = 780.51 when should one use the pivot point as support or can the pivot point ever be used as support? Also, I was reading that when bars go outside the BB it is an indication of overbought or oversold conditions. anyone can advise.
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
Not quite sure "calculating" those levels. If you could elaborate please. Pivot point like any other S/R level is just a number, it can be used as Support AND Resistance depending on where the market is relative to the number...i.e. market is below PP it is resistance, market is above it becomes support. Its all relative. Ok the BB stuff is where you need to be careful, BBs are based on the bell curve principle im sure you learned this at school. A 2 deviation BB should contain 95% of price action, so theoretically if we our outside the band we are hitting that 5% extreme and this move is unlikely to be sustained. Now we combine this notion with S/R levels and an extremes on the $TICK index and this should offer higher odds entries for reversals. You have to use a lot of discretion in watching how price moves but essentially the combination of S/R, price extreme and $TICK extreme should offer good odds.
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a set up based upon your system to enter a trade . Good trading all