DislikedHi, Ghous, what do you think of line 5700? will appreciate to have your comment on both 57/5800 after careful studying. I am not good at judging the quality of lines or PPZs, so, could be very interesting to see your view, or the others who are willing to shed light. thank youIgnored
Appended below is the chart showing you the 2 ppzs, the 5800 ppz which I was referring to and the 5700 ppz which you seem to have noticed.
We guys here on this thread follow simplicity like the rats sue the pied piper.
Both of these ARE ppzs meaning they did provide price some trouble at these levels , however if you go about trying to find every ppz across different time frames on a pair you'll hardly see your bars. Same applies for trend lines.
(I can recall the time when I pmed Jim with a chart with some 30 trendlines spread out over my Eur/Usd chart starting from the weekly and down to the 1H, I ended up with a vertigous head when I pulled up my daily to trade , it obviously was the big guy who rescued me...)
Since the 5700 and 5800 are close to each other it is legitmate to draw the more important one ( and let the other be visible to you through your naked eye without having a need to draw an Ad Infinitum horizontal line to denote it). It's discretionary though, you may add the 5700 ppz if you still want it on your chart but for me having limited lines on the chart ones that RECENTLY have been most respected by price is of paramount importance so as to allow the bars to do the talking
I believe . . .