I think every post is overlapping with the next... it will make for really mixed-up reading for anyone reading the thread later if they don't carefully look at the quote being answered! Oh well, at least we know what we're talking about (I think!) It's nearly 12:30am here... too late for this much confusion..! I'm off to bed to chant, "S/R is an art, not a science..... S/R is an art, not a science..... S/R is an art....." See ya.
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
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
Those taps on the 953.5 mark worked really well this morning. It worked as resistance and then came back up and worked as support. How do you really narrow in the tick. I initially had my own level of 953.25 which would have cost me, but that .25 tick difference would have made me money. What scale or technique do you use to really narrow into the tick?
G'day ESR, I was interested to note that you've recently opened up your 'confluences' to "within 2 points". I stretched mine out to 1.5 points about 10 days ago. I'm guessing your decision was linked to the volatility? Or was it just part of a continuous evolution of your system? Catchya mate, Preach.
I'm curious with your use of the word "taps". Physical Resistance so far today and up to this minute was created at; 968.50, 960.25, 958.00 and finally 962.00. Physical Support so far today and up to this minute was created at; 945.00, 950.50, 951.00 and currently 955.50. Price sliced through your 953.25 level each time price oscillated from support to resistance and from resistance to support with the exception of this last test of support that failed to breach the 953.25 . . . but taps? How on earth do you use such a loose inconsistent price point in your trading process?
Hi xburbx I see the S/R you're talking about at 953.50... although I didn't have that level on my worksheet. What made you pick it? I notice ESR had 954.00 as well. To your question: when you say, "What scale or technique do you use to really narrow into the tick?" do you mean narrowing down your trade entry, or do you mean the selection of an exact S/L level in the first place? See ya, Preach.
G'day Prof, howyagoin? One's interpretation of S/R levels is dependent on the timescale of the charts you are watching. The approach being discussed on this thread involves a 1-day chart showing 1-minute bars. On this basis, xburbx's level of 953.25 (or 953.50 as per his question) acted as resistance at 04:44, support at 05:26, support at 05:30, support at 07:03, support at 07:12, and support at 07:20. We wouldn't have taken all these trades, as we are using other confirmations for setups, but a couple of these were textbook setups which would have yielded profits. As for his use of the term 'taps'... it may not be technically accurate market terminology, but I have to say that looking at the points he is looking at, the price does 'tap' the S/R level and reverse. Good trading mate! Preach
Thanks for clarifying but I was aware of the time frame and parameters. I just got back from Sydney, Mittagong and Bowral. Where in Australia do you reside?
Hey Prof, I'm at the other side of this great country - just south of Perth. Hope you had a great time here and hope you were made to feel at home! BTW, the support you noted at 955.50 was very solid. I'm curious to know if you picked any of today's S/R levels based on previous trading, and if so, on what basis? I've read quite a few of your posts on ET with interest. What is your basic approach to the markets? Catchya, Preach.