Did I miss where you gave the price and the number of days? You know something specific that we can refer back to.
You're the Man. I only follow the Greats. Sorry KCalhoun, sorry Stoney, sorry Padu, I've found my latest Guru - MasterWxy!
Support level and resistance levels can be used for entries based on type of market. If a range market, you could go long at support and short resistance. If trending up, look to go long at support levels. The following chart looked to me to be in possible uptrend that pulled back. I went long for a scalp at possible support as price was making a possible bottom and was boucing off of it. My stop is below the support level I drew. I added another contract at the main support level. To reduce risk of getting stopped out on 2 contacts I took 1 off at BE. I took 2nd contract off above the price I entered long for 1st contract. If I had added another contract at main support level, I could have targeted closer to the resistance level.
Although the above trade worked out, if I had to do it over again, I would not have taken that 1st entry unless the candle broke above the last green candle as a 2nd green confirmation candle. Now let's assume I waited. I could have instead gone long either at support with 1 contract and looked to either stay with 1 contract and had a tighter stop or added a 2nd contract on strength of the candle closing green after support was tested and being above the red candle. Feel free to reply how you would handle this trade. I mostly trade using PA with S and P levels.
FWIW I tend to define them a little differently to many. S&R to me are the edge of prior swings that are likely to be important. So M5 swings that are also M15 swings interest me on HSI. Also daily edges, vpocs, and the final vwap reading of an overnight session. Supply and Demand though is a little different. TO ME it is usually inside the swings that clearly define S&R. Its where I believe that enough buying will be present to overcome the move down or vice versa. For my trading I define S&D that will potentially stop an M5 move, and also S&D that will stop an M1 move retracing from an M5 signal. So its my attempt to assess where buying will overcome selling and I can then limit in or wait for price action to confirm that, in this case, S&D overcame the move opposing it. Just my usage.
Those "support and resistance lines" are completely arbitrary just to fit your narrative. This is what your chart needs to look like BEFORE not AFTER.
Too late for that lol...I'm not a punter who projects price AFTER the fact... I should have recognized a wychoff accumulation pattern developing back around the ST level. I was just sharing it because look how closely it matches the actual price action.
Just curious, is BTCs price action something that you foresaw with EW or are you having to re-draw the wave pattern? Post a chart if you will.
What? You mean an after the fact accumulation pattern? How do you recognize something that doesn’t yet exist? I thought you were not an after the fact trader. Lol
What do you mean how do you recognize something before the pattern? That's the whole point of TA...what good is it to draw in a pattern AFTER it has completed? For example a triangle should be draw in long before the apex like I did for MARA back on AUG26. The trade was hold the 16.50 call I sold 6 days out, and buy a 2 dte call when price was 16.50, and selling at the top for a quick profit before price resumed down where I sold the short call.