Question in the title.
Poll
- How do you draw S&R and trend lines?
- | Joined Sep 2008 | Status: Lucky Man | 2,267 Posts
forget about tomorrow, just steal away into the night
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Dislikedhighs and lows of course! Close prices are only random prices, sometimes near the average, sometimes elsewhere, but never with any special meaning. They are different on every timeframe because they are just arbitrary prices taken at arbitrary points in time without any importance over any other price at any other time.
Highs and lows instead are the turning points, the only prices that can define S&R and trend lines, they stay constant, they are the same on all timeframes because they are independent from meaningless time. (meaningless...Ignored
DislikedTrend lines. Add this if you are on mt4 platform. It uses the classic DeMark method to be swing low must have 2 higher low candles on either side of lowest candle and opposite for upper TL's.Ignored
DislikedClose prices are only random prices, sometimes near the average, sometimes elsewhere, but never with any special meaning. They are different on every timeframe because they are just arbitrary prices taken at arbitrary points in time without any importance over any other price at any other time.Ignored
Dislikedhuh... are you sure?
some people trade HLC bars (high, low and close of a given period).
Closes are fuken important, H1 and upwards imo.
Never seen a buying flurry at [hour:55] just to pull the hourly close high? Then the new hour begins and bang, price drops like hell.
On the other hand, I'd like to disagree with fetishizing H/L values - on some volatile pairs like GBP/CHF it means nothing most of the time if price turns here or 5 pips lower or higher. Again sometimes the market is dead accurate.
Generally my point is not to disagree with anything...Ignored