Sorry for the poor lingo. I should have said it bounced. I attached the pic from where I pulled it from. I started with a 15 day 60 min scale to grab levels and found it to be a weak one on that scale. When I dropped it to the 5m 4 day scale to confirm my points, it was a bit more clear and acted as S and R so I put it there to watch. You can see in the pic how it worked for me. Not the strongest level. Edit : As I was typing this, it was hit again
A programmer I work with is in Perth . . . cool. I trade only Constant Volume Bar Charts. No time based charts. Resistance and support to me are are critical and real points on each chart. I only look for price direction and strength from each of those specific chart oscillation points. Those oscillation ppoints are only specific to individual charts and I create my charts fractally to allow me to speed up or slow down the increment I trade inside.
Interesting... I've been looking at constant volume. Why do you prefer constant volume over time-based charts? When you say that you create your charts fractally, do you use a lower volume during the overnight and higher during the day session, or do you amend during the day depending on the volume? What charting package have you found to be good for volume charts? The programmer you work with in Perth is obviously a very cool bloke - we all are over here Did you pick me as an Aussie from my language or my profile? Just curious! It's been a long day. Hope you all enjoy the trading day. Good night, Preach.
Funny you ask that. I am waiting to hear back from Prophet.net to find out how to get the overnight data. I dont know why it isnt in there. If anyone uses prophet.net, let me know
CVB Charts aren't variable based and eliminate all chart noise. Markets are traded in shares or contracts not time. I use lower volume for slower markets but never eliminate overnight data as that would artificially skew the chart and add to the confusion. I monitor over 500 different charts a week so consistency is critical. I use MultiCharts only. I find it to be as professional of a tool as is available but it does have some idiosyncracies I deal with. Language. Good Night!
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
Is it just me or was trading on Thursday a lot slower on the ES than it has been for the last little while. Is this normal behavior for it tighten up like this before the elections on the 4th? I had brilliant days Monday to Wed.. but couldn't hit anything yesterday.... Thanks
Question to ESR about entering trades. I was watching a downtrend approach my support line and noticed that the prior price action at that level had support about 1 tick under my level. Would you look to place an order somewhere between the two lines as long as it doesnt approach the new support too quickly?
The levels for me are just an area of interest, My entry is based on price action and my set up. My entries can be as much as 2 points away from the level in current conditions.