thank you WMU for this thread.
exited a trade on fri. Eu while browsing post21
will study this stradegy more closely
exited a trade on fri. Eu while browsing post21
will study this stradegy more closely
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DislikedI personally would not consider it as a specific entry / exit rule. This technique can give you a bias when price reaches certain levels. Consider it as a tool and combine it with others. Look for confluence with Fib lines, pivots etc. and most importantly: watch how price reacts at these levels.
Get the brake out zones from higher timeframes. When price gets back to these areas, zoom in on lower time frames and watch for a possible trend reversal. Are you getting higher highs and higher lows for an uptrend? Or vice versa for a downtrend? If...Ignored
Dislikedwhat do you think about that? was it a good entry? i'm not quite sure :/Ignored
DislikedIts a pity this thread isnt more active...I've been busy with other work so haven't been actively trading...some real gems here...Ignored
DislikedWhen we have a breakout of the resistance level the price will initially accelarate away from it very quickly.
Once the price has accelarated away, many orders are placed at this level in anticipation of resistance turning in to support.Ignored
DislikedI too have this entire thread printed out and it always sits in the arm of my chair. I try and keep my out for opportunities but they just don't come up too often it seems.
Thank you again to WMD though for making us aware of this method!
DonnieIgnored
DislikedSomething I traded earlier today before having found this thread! I was directed here by another trader and am thankful that I was. wmd, you seem like you know your stuff down pat brother. I'd love to see you guys posting up more of your charts and sharing ideas.
Anyways, 91.70 lows were never tested.Ignored
DislikedTraders a chart to liven the thread up a little. This is a chart I use to give me that zoomed out look but short enough time span to give me some decent day trades. Along with the patterns that WMD has been explaining which you can pick a lot of them out on this chart I have incorparated some pivot levels. I also keep track of the weekly open and close and also the daily open , experience has taught me that most days those serve as the proverbial lines in the sand between buyers and sellers. The pivot levels I use are not your normal pivot levels....Ignored