Disliked{quote} Hi nogames, Thanks for the question. I don't normally trade off the 1 hr charts, but have posted some things below - a weekly, 4hr and 1 hr chart. You can see the lines I've drawn on those for major S/R - I can't see really where your lines are coming from. Just start with a blank chart on the weekly and identify the major S/R areas that price is currently near. Most often I don't bother with ones further away until price moves a fair way. I see a slight channel there and perhaps if yo're going to trade the 1hr, then wait until price gets...Ignored
I guess I'm looking more for Supply/Demand Levels, speaking for myself I find it difficult to locate Support/Resistance accurately because finding levels can be ambiguous.
I look for Weekly Swing Points and mark the first Week that indicates a Bearish or Bullish Swing.
It's a matter of looking as far to the left as you need to go before finding a significant Swing Point.
Often a significant Weekly or Monthly Swing Point will continue to have an influence on the Market well into the future.
As you have said it's down to the individual to find what suits them best and then Trading what they are comfortable with.
I must admit beyond this point your way of entering a Trade and Trade Management seems very logical.
Because of time limitations I enter Trades from the Daily Charts.
I'm going to be away for a week or so but when I'm back I'll be concentrating on this method of Trading more closely.