DislikedHi Rufus,
Forexjedi made a comment exactly like you about the monthly pivot ( and you about the weekly). I would like to quote post 128:
"Special note regarding todays charts on the Eur/Usd. I would like to attribute today unstable price action patters limiting trades on my system to the price rallies around the monthly support 3 at 1.2728. Theres a battle here between the market makers and high rollers. The first signal was the unstable price action that started right around 12am est. I like to stay away from the market around monthly supports...Ignored
Hi Forexmist
I like 20 pips minimum of room to areas of strong S/R. I prefer even more (40). I want to be able to have my stop at break even when those areas get hit. Pivots, "00". price pivots etc.
When one does get hit and it looks like price will blow out of there in the opposite direction. I will wait for a retest of the area or a pull back. This example on friday gave two retests of the area with Force signals to follow.
The danger here is that you are now going on a move against the trend. So you need to be watchful of things. This turned when it hit 6 levels of resistance.
1: Monthly pivot
2: Daily pivot
3: Weekly pivot
4: "00"
5: 61.8 fib
6: PPA that goes back to July 22
It was like price hit 6 stoplights all red.
Remember s/r is like stoplights. Sometimes they are red, green or yellow with price at times zooming through.
Take care
Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.