Ok I can see that and it makes a lot of sense. Thanks for the insight it helps a lot. I do need to start using the MAs for SL. I think that will help me more than just setting a 15 - 20 pip stop each time.
I wonder sometimes about my S/R lines. Can you let me know if I am plotting them correctly? I find my major S/R lines by using the daily and 4 hr. charts. I zoom way out and I try to find the areas that have the most touches and I put my lines there. Then I zoom in some and fine tune them to the tops off the wicks if I can. Or I will fudge a little one way or the other depending on he relationship to the body if they are closer. It is kinda subjective. Then I normally draw a trend line from the highs and the lows of the previous day for an intermediate S/R line.
I have always wondered if I was plotting them correctly or at least close. For the most par it works but if there is a better way please let me know. I have searched to find the best way. Everyone always talks about S/R but does not really give a good way to find them. I try to use the higher time frames because it seems to give me lines that are of more importance. I always wonder how many lines should I have. I found that if I use a lower time frame I will have lines every 10 - 15 pips and I wonder how strong they are.
I wonder sometimes about my S/R lines. Can you let me know if I am plotting them correctly? I find my major S/R lines by using the daily and 4 hr. charts. I zoom way out and I try to find the areas that have the most touches and I put my lines there. Then I zoom in some and fine tune them to the tops off the wicks if I can. Or I will fudge a little one way or the other depending on he relationship to the body if they are closer. It is kinda subjective. Then I normally draw a trend line from the highs and the lows of the previous day for an intermediate S/R line.
I have always wondered if I was plotting them correctly or at least close. For the most par it works but if there is a better way please let me know. I have searched to find the best way. Everyone always talks about S/R but does not really give a good way to find them. I try to use the higher time frames because it seems to give me lines that are of more importance. I always wonder how many lines should I have. I found that if I use a lower time frame I will have lines every 10 - 15 pips and I wonder how strong they are.