DislikedThanks, sometimes I feel I am on right track but sometimes I feel as if I don't know anything...
To summarise what i know!
PPZ levels
basic bar formations (Pin, BUOB, BEOB)
I can draw trend lines, fibs etc..
I understand we have to look to see how the price is closing around ppz level
- Strong close above - ppz is support
- Strong close below - ppz is resistance
Do we than simply just wait for price to form a specific bar formation like pin, beob, buob etc? if the bar as formed we check the size of the bar relative to previous bars, traffic,...Ignored
I think its simplistically perfect, decentchap . . ..
And an understanding what Mike is saying is also so important. Its what Mike teaches that really puts it altogether . .the Story.
Its it a wedge breakout? is it a bearish flag breakout? Is it at the top or bottom of a box consolidation? Is it trading into a box consolidation? Is it in the middle of a box consolidation? . .
It is this bigger story that can add support or confluence to our setups.
This is what Mike shows us all the time . .and believe me, if it wasn't for Mike, these stories would have been hidden from me (us) forever.
Indicators show the past. Price Action "Indicates" the future.