In my quest to utilize all data available, i have started creating some rules on how close fibs need to be to form a cluster (1/3 of lowest ATR 14, round down or 1 pip) , how to form PRZs from clusters, how to bias which PRZ to pick in case theres multiple nearby ones, and im beginning to try to decipher price action patterns using the rsi.... For example, heres SLW daily ...
Once a PRZ is chosen, everything is erased, except the PRZ and supporting demand/supply zone and one retracement and wick lines (blue lines), and i make sure price projections as price approaches PRZ fall within the prz, and that price action supports PRZ (still need to make all this more objective). This is the approach i am evolving.... I also use plenty of APPs, instead of a 1:1 impulse, i create fib ratios of less than a length of 1.
SLW PRZ determination
SLW final PRZ
Its really pretty, prz right in middle of 61.8 - 78.6 zone! basically i just try to leave minimal information that can define the PRZ (just a zone of a retracement and a 1:1 impulse for example), knowing that all of the other swings that are less important also support it...
Still need to work on exact entry, take profit, and break even techniques, but determining the PRZ(s) from all relevant swings is the most important first step...
have a good weekend traders!
Once a PRZ is chosen, everything is erased, except the PRZ and supporting demand/supply zone and one retracement and wick lines (blue lines), and i make sure price projections as price approaches PRZ fall within the prz, and that price action supports PRZ (still need to make all this more objective). This is the approach i am evolving.... I also use plenty of APPs, instead of a 1:1 impulse, i create fib ratios of less than a length of 1.
SLW PRZ determination
SLW final PRZ
Its really pretty, prz right in middle of 61.8 - 78.6 zone! basically i just try to leave minimal information that can define the PRZ (just a zone of a retracement and a 1:1 impulse for example), knowing that all of the other swings that are less important also support it...
Still need to work on exact entry, take profit, and break even techniques, but determining the PRZ(s) from all relevant swings is the most important first step...
have a good weekend traders!