hi SupremeChaos,
thanks a lot for ur reply. Ya what i meant was, its not possible to know exact SR level...if we knew it wud be easy to trade and all people will be sucessfull...i typed exact opposite....i was just asking how u guys determine potential SR & PPZ and set ur entry or exit points. For eg. please see the attached chart. this is the current eurjpy 4hr chart and the price is coming down and yellow lines are my SR line that I have marked and i have circled some wicks I think is relevant. I am not at all sure if this is the correct way to draw them. So i was asking anyone to show me how they consider an area as relevant in my previous post. Please see the chart and advise if this is the right way to determine a PPZ or is there anything extra that we should consider. When i look in to this chart I see too many lines and too many circles to consider and I do not have the knowledge to determine which one has higher probability... thanks a lot for ur help.
thanks a lot for ur reply. Ya what i meant was, its not possible to know exact SR level...if we knew it wud be easy to trade and all people will be sucessfull...i typed exact opposite....i was just asking how u guys determine potential SR & PPZ and set ur entry or exit points. For eg. please see the attached chart. this is the current eurjpy 4hr chart and the price is coming down and yellow lines are my SR line that I have marked and i have circled some wicks I think is relevant. I am not at all sure if this is the correct way to draw them. So i was asking anyone to show me how they consider an area as relevant in my previous post. Please see the chart and advise if this is the right way to determine a PPZ or is there anything extra that we should consider. When i look in to this chart I see too many lines and too many circles to consider and I do not have the knowledge to determine which one has higher probability... thanks a lot for ur help.
DislikedHello gladiator123,
in trading, & life in general, we cannot talk of certainties, only probabilities.
we cannot be certain that a particular S/R or PPZ will work or not. sometimes that particular S/R will work, sometimes it wont(price will either blow past it easily or price will chop around it).
what we can do is be alert, prepare ourselves by determining potential S/R's & PPZs, so whatever happens, we will know how to act/react & not be surprised.
of course, thru experience, studying & constant practice helps us determine which S/Rs will...Ignored