Howyagoin xburbx I am putting together my own worksheet before looking at ESR's so that I develop the sense for picking the levels. I then cross-reference my sheet against ESR's to check all my calculations (pivots, fibonaccis, etc) and my S/R levels. It's been a great way for me to pick up on which levels I'm missing. Levels for today: ESR's...............Mine 917.25 907.75 904.00 897.00 894.00.............894.00 .......................881.50 877.50.............877.50 .......................872.50 863.25.............865.25 .......................860.00 .......................856.00 850.00 .......................840.25 834.00.............834.00 825-7...............825.00 788.94 768.67 I was really pleased to see that I have more levels the same as ESR's today than any day so far..... but I think I'm picking too many, too close together. ESR, and anyone else: please feel free to comment on the above. Your comments will be gratefully received. Give it to me straight: I've got broad shoulders..!! Catchya, Preach
Hey ESR, I'm very excited with 877.50's performance today... and what about 881.50 at 08:50 - hit it to the tick and gave us a good 4 to 5 points depending on your stop I'm gonna be too excited to sleep again.....
S/R is not a science, it's an art.... S/R is not a science, it's an art.... S/R is not a science, it's an art.... That's what you can hear all round our house... my Wife is getting sick of hearing me chanting it in my sleep :eek: It's a real struggle for a black-and-white thinker like me... but I'm slowly re-programming myself with the help of ESR and all you good people on this fantastic thread..!!! Keep up the good work Good night, Preach.
877.50 worked well at that trade today, but i just looked back to see where it makes sense as S/R and I didnt see it. where did that number come from?
I do the same thing. Mine came out as follows. I guess I get stressed out because I dont see where the other 5 or 6 that I missed come from on his chart. I try to use the 1hr 30-40 day time scales and then look to pinpoint on a 1m or 5m over 3-5days Mine ESR 923.51 916.79 .....917.25 897.42......897 882 865.57 840.32 837
G'day m8 On my worksheet, it was the high of yesterday's 14:00 to 15:00 candle. It was the high of an extended upper wick; look at the candle two hours earlier... this begins the story of the bears wrestling control from the bulls. The next hour is solidly down, then the bulls come back in a half-hearted push, but give up the fight at exactly 877.50. As ESR has said, more recent levels are remembered more, so there was a good chance that this same level would provide decent resistance today. That's how I read the story anyway. I'd be very interested to hear from ESR as to his reasons for picking this level. See ya.
I see. I pulled it from a 1 min 2 day chart. I wouldnt have seen that on the 1 hr 5 day or been drawn to it at least? I must be looking to far back to pull my levels. What time scales are you using Preach? The levels vary so much from a 1 min chart over 2 days to a 1hr chart over 20 days.
Don't stress it mate, you had few levels there that were very close to levels I'd seen as well. As I'm learning the finer points of this approach, I'm not over-loading myself with data to look at: I only look at 1-hour bars on a 2-week chart, nothing else. I think ESR has said that he uses a 2-week chart with 4-hour and 1-hour bars. Maybe you're looking at too much detail and too-long a time period? Maybe less is more if you get my drift.
Yeah, the high of the day was 894, but the S/R level of 877.50 came from the high of the 14:00 - 15:00 1-hour candle.