Hi ya PeterFM and Thexder,
Thank you muchly for your in depth explainations you made some points very clear in there that I never thought about on this subject..
Also sorry, but i think i missed something as well about the Pivot Zones..I'm just wondering is that the mid area of like a congestion area bouncing in a narrow range of S & R?..
Adrian
So, some like to draw a band that encompasses a range of highs (Resistance) or lows (Support) and some, like me, prefer a more precise approach. My original image was just a quick and dirty pic to show the broad concept not to suggest that lines were best.
So here's another with a couple PPZ Zones drawn. The same thing applies though, old Support becoming new Resistance when price comes back to that area (and vice versa). Again, it doesn't always happen that the roles get switched but it happens often enough to wait for PA to guide you in your trading.
Support arrows in green
Resistance arrows in red
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(Ryan as he's about to fire off an order)
