My thoughts on that chart (other than that I hate your colour scheme!) is that as previously stated your s/r level should be 1.37 and 1.41, not even sure 1.40 comes into it. Did you zoom the chart out to its fullest extent when you looked at the weekly chart?
Other than that I'd draw the trenline along the lowest prices (ie the bottom of the wicks and not the closing prices).
). Even if you don't use it to place trades at least you will be better able to find the right s/r levels to trade on your existing account.
hello everyone,
just wanted to throw a quick example of an etf with price action supported with volume
to your attention i bring DXD which is the leveraged short DOW etf. we had a bullish engulfing day yesterday on higher volume. I was not able to plot the s&r lines on the chart simply because I dont know how to do it on stockcharts website. I would be more than glad to hear ur opinions on this matter
figure review doesn't hurt while I still have some free time.
My alpari feed shows prices right back to 1989 on my weekly chart.
Also in the introduction it does say to only use the weekly chart as any significant s/r will be visible there, no need for the monthly.
Maybe you should look into a broker with a different charting platform (and colour scheme, lol
My brain got adled by the 100+ pages (my excuse and im sticking to it )
