well done mate, looked like it worked well. That level was on my radar a couple of days ago and it does look pretty good after looking at that trade. As I have said many times in the past trading is about odds, I didnt use that number because I thought its odds were reduced, just my opinion. Spotting S/R is lot like painting a wall. For example lets say the wall you are about to paint is Lime glow in the dark green! it sure does stand out, everyone from miles around can see it! Now you paint the first coat of white paint, it covers some of it but you can still see a lot of the green. So you give it another coat and this time almost all the green is gone, just a little left. One last coat and the green is all gone! S/R levels in price are the same, a level that was strong in the past gets broken a fews times (painted over), more recent price movement is not as respectful of that level as it once was. the more a level gets painted over the lest prominance/odds of success it has. Nice catch on that level, seems to be working very nicely today.
Before then we had a nice set up at 9:46 at the 71 level. At 10:04 we caught a reversal at 82.25, their were a couple more set ups around the 82 area. A great set up around 13:46 at 93.75 where we caught the high of the day. At 14:35 A nice bounce off 71 The numbers worked as magnets throughout the day with other little trades also. The trades at 13:44 and 10:04 are good examples of nice set ups, well worth making the time to study.
Just had a couple of people asking if I am on Facebook. If any facebookers are out there, my name is Sueport Ande Raysistance on fb, feel free to add me.
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs and summary 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
Did anyone else plot the lines for today that were sent out? I thought I had the S/R approach down, but when I went to plot them today, I could only see two or 3 that made sense with the way I was doing it. The one near 897 and 894 made sense because of those 2 wicks that stood out on top of to uptrends in the last 2 days. I dont understand why 840 and 837 were not picked. I must be missing something. I am attaching a 1hr chart of 15 days. Ian
Haven't plotted them yet, but I'm sure I need some work on my level picking. I didn't have 837 and accidentally left out 840. Part of the problem is not making enough time so I'm working on that.
840 looks like an R to me, but it isnt on ESR's list so I am trying to see where I am missing my points.
Hey Dont stress yourself out, as I have said I view levels as probabilities, 40 has been used a lot very recently so I think its odds of working are reduced. It does not mean it wont work just that I think it has less chance based upon my experience. You're doing well in picking this up, dont beat yourself up. S/R is not a science, its an art, you have to roll with what you think works for you. Think about it logically we are predicting areas in which the market will turn hours/days before it happens. Thats amazing! However as incredible a concept as that is, there are no hard rules. The market is evolving and you have to grow with the evolution, its just a matter of experience and practice. If you go to 20 different S/R practitioners they will all offer 20 DIFFERENT sets of numbers! Thats just the way it is. Keep up the good work