Hmm, OK, I will continue with my monologue.
Today I do not have much time. It was choppy market day, so I will show how PA could have helped avoiding backlashes. One instrument only, though: cable. 15m chart
Frankfurt open on daily Pivot: always caution when this happens. It immediately tests Previous support and it is rejected: S becomes R.
Usually it either tries the other way or re-tests the R. A couple of Dojis would indicate that there is not much fuel. Trend is down, so we may attempt a short. We keep this short on a tight leash, ready to get out if it bounces at the previous low. It doesn't, and it tests the lower level. There we take profit.
Today I do not have much time. It was choppy market day, so I will show how PA could have helped avoiding backlashes. One instrument only, though: cable. 15m chart
Frankfurt open on daily Pivot: always caution when this happens. It immediately tests Previous support and it is rejected: S becomes R.
Usually it either tries the other way or re-tests the R. A couple of Dojis would indicate that there is not much fuel. Trend is down, so we may attempt a short. We keep this short on a tight leash, ready to get out if it bounces at the previous low. It doesn't, and it tests the lower level. There we take profit.