Where is mr. Price?
Daily - 4/8 th's Lines (Major Support/Resistance)
This line provides the greatest amount of support and resistance. This line has the greatest support when prices are above it and the greatest resistance when prices are below it. This price level is the best level to sell and buy against.
H4; H1; M30; M15; M5 - 8/8 and 0/8 th's Lines (Ultimate Resistance)
These lines are the hardest to penetrate on the way up, and give the greatest support on the way down. (Prices may never make it thru these lines).
Weekly - 6/8 th's and 2/8 th's Lines (Pivot, Reverse)
These two lines are second only to the 4/8 th's line in their ability to force prices to reverse. This is true whether prices are moving up or down.
Monthly - 5/8 th's Line (Top of the Trading Range)
The prices of all entities will spend 40% of the time moving between the 5/8 th's and the 3/8 th's lines.
If prices move above the 5/8 th's line and stay above it for 10 to 12 days, the entity is said to be selling at a premium to what one wants to pay for it and prices will tend to stay above this line in the "premium area". If however prices fall below the 5/8 th's line they will tend to fall further looking for support at a lower level.
Indeed, the Daily (4/8) and the H4, H1, M30, M15, M5 (all 8/8) time frames agree and there will be a strong resistance at the 150.00 mark forcing mr. Price to bounce back. But.... if you look at the Weekly and the Monthly time frames there aren't any MML to support that Resistance at 150.00, actually the closest MML are the Weekly 2/8 at 156.25 and the Monthly
5/8 at 156.25.
What that may suggest? In my opinion and based on my observations the bounce back may be short lived and may not go beyond 143.75 that is a MML 6/8 th's in the H4 or even the (146.88) 7/8 th's Line in the same time frame (H4) where it will resume its direction and try once more to break the 150.00 and move to 156.25 area. Then... from there it may retrace to 137.50 (3/8 th's Line on the Daily time frame).
This is just my guess. Don't take it as absolute truth :-)
Daily - 4/8 th's Lines (Major Support/Resistance)
This line provides the greatest amount of support and resistance. This line has the greatest support when prices are above it and the greatest resistance when prices are below it. This price level is the best level to sell and buy against.
H4; H1; M30; M15; M5 - 8/8 and 0/8 th's Lines (Ultimate Resistance)
These lines are the hardest to penetrate on the way up, and give the greatest support on the way down. (Prices may never make it thru these lines).
Weekly - 6/8 th's and 2/8 th's Lines (Pivot, Reverse)
These two lines are second only to the 4/8 th's line in their ability to force prices to reverse. This is true whether prices are moving up or down.
Monthly - 5/8 th's Line (Top of the Trading Range)
The prices of all entities will spend 40% of the time moving between the 5/8 th's and the 3/8 th's lines.
If prices move above the 5/8 th's line and stay above it for 10 to 12 days, the entity is said to be selling at a premium to what one wants to pay for it and prices will tend to stay above this line in the "premium area". If however prices fall below the 5/8 th's line they will tend to fall further looking for support at a lower level.
Indeed, the Daily (4/8) and the H4, H1, M30, M15, M5 (all 8/8) time frames agree and there will be a strong resistance at the 150.00 mark forcing mr. Price to bounce back. But.... if you look at the Weekly and the Monthly time frames there aren't any MML to support that Resistance at 150.00, actually the closest MML are the Weekly 2/8 at 156.25 and the Monthly
5/8 at 156.25.
What that may suggest? In my opinion and based on my observations the bounce back may be short lived and may not go beyond 143.75 that is a MML 6/8 th's in the H4 or even the (146.88) 7/8 th's Line in the same time frame (H4) where it will resume its direction and try once more to break the 150.00 and move to 156.25 area. Then... from there it may retrace to 137.50 (3/8 th's Line on the Daily time frame).
This is just my guess. Don't take it as absolute truth :-)
Butt kissers suck!
