DislikedThat is a valid point well made, something I overlooked but equally important.
It's quite easy for a beginner to get excited and just enter a trade if they get PA at a marked PPZ area...when the type and setup of the PA is just as important as the PPZ area itself.
The mental 'tick-list' one goes through when appraising a formation of PA should still be used when at PPZ area...i've been there and done that too, trades any type of PA if it forms at a PPZ area without taking a step back to fully appraise what the PA is telling us. The excitement...Ignored
Thanks guys, great to get feedback. I will be drawing at least my major obvious PPZ in advance. The first time I do this will take me all a good few hours due to the large amount of instruments (good practice), but I imagine you only update them once a month or so?
The other question lurking I have is Fibs, do you guys draw fibs, as well in advance or just to confirm PPZ, in other words, would you take a great bar at at 50 fib retracement of a weekly swing, or would you need there to be a PPZ there? (Under the assumption that we are working from Daily and higher TF's).
Regards
Chatzi
Good luck brother!
