DislikedWhat are everyone's thoughts on this potential setup? Jarroo mentioned this as an area to watch this week. As I type price is approaching the 9400 level, which to me has been major resistance. To me this looks like consolidation on the daily tf. Since I am new to this still, should I be looking at how price reacts to this level and then trade based on that if I get PA from this thread (pinbar)? I am really not sure what to do here.Ignored
DislikedSure thing mbarker . .
Let's watch this CadChf Monthly level on the Weekly and Daily.
This level maybe all Bamed out for going short and we may start seeing some Closes Above these Weekly and Daily HCR levels.
We would like it if the levels were tighter together, but we'll watch where Price closes in the coming week(s) . .Ignored
Hey mbarker . .here's what we got . .
We have a nice build of Resistance on the Weekly and Daily.
We have a Weekly Highest Close of Resistance (HCR) level and a Triple Action HCR level (3 HCR level lining up at the same level . .pretty close) on the Daily.
Price has now Broke Through and Closed Above these levels on the Weekly and Daily TFs. . These strong levels of Resistance levels have good chance of "flpipping" to a strong Support level . .correct?
So a Touch Trade at these levels long is very possible . .Or . .we can get better confirmation that the transitition from Resistance to Support took place by some Bullish PA ( Bullish Outside Bar, Buliish PB, etc,) at these now Support levels . .
Jim
Indicators show the past. Price Action "Indicates" the future.