DislikedOK 60man, lets give it another shot. Randomly picked UJ. There is a strong up trend as defined on MN & W1. The last 2 weeks closed bearish, but could not break (ie close below) previous S/R by 104-ish. This suggests price may be retracing, taking a breath before resuming the up trend. If it does, then there should be an H4 engulfing trigger within the next few days by 104 or so. Entry would be based on M15 bullish engulfing within the next 4h. Since I don"t want to play with LTF so far I'll watch price reacting at these levels. {image}{image}{image}...Ignored
ok, UJ correct, monthly is still long, weekly has failed to engulf short, but it has closed short again, so will at least try and push short again next week
ECAD, correct again.No reason to do anything that wait for long signals really...
As for the SR and james 16 old school ways... ask yourself this, if those historical SR's are so important, what happened the very last time we hit it?
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bust straight through it eh? not even a pause?.... here's the important thing with SR that everyone fails to teach or understand...
You can only gauge the strength of SR by the reaction of price action now, anything that happened in the past is irrelevant. You mark the next 2 levels then you wait and watch for price action to confirm it. If it turns h4 it has daily power, if it turns daily it has weekly power...etc... etc.... any other label you give it is purely assumption and no better than a coin toss.
Mark the lines, wait for confirmation, trade...
Remember banks and the big boys move the market, our edge is being able to watch and wait, then follow their moves, that's what this is all about, we have no edge with entries, nobody does really, it's a 50/50 game, were just picking good locations and aiming for big wins.
When price changes direction (engulf) then it's 50/50 gonna be a new trend... if we keep taking them then we will catch a few, if we've got the balls to ride the real moves we win big and the other 50% losers no longer matter.
tradewith60