All depends on your r/r. As a guide, if you buy of support on the hourly, set your SL below the lower support on the M30/15. Just make sure you identify your supports correctly, using either MA's/TL's/fibs/previous lows.
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Hmm... ok, I have S/R levels on my 1H chart, and when I switch to 15m/30m, the levels are the same.... is that the correct method?
Hmm... ok, I have S/R levels on my 1H chart, and when I switch to 15m/30m, the levels are the same.... is that the correct method?
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No, there should be more supports on the M15, they are the minor ones. The H1/H4 are the majors when it comes to intra day. Also Cable likes daily pivots, while fibre likes the weekly ones.
No, there should be more supports on the M15, they are the minor ones. The H1/H4 are the majors when it comes to intra day. Also Cable likes daily pivots, while fibre likes the weekly ones.
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The big supports today are:
1.5599 on the M15/M30
1.5610 25ma on the hourly
1.5630 50 fib retrace
1.5638 as the R1 (still to form)
Ok, I have the 25ma on the hourly.
Found the 1.5630 for 50 fib retrace of M15.
How do you add the support for M15/M30?
Am using an indicator called LC-Pivots which I picked from Magix charts... is that correct?
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OK and how does that indy find them? Did you read your chart and confirm them and know how, where and why they are formed or are you just trusting an indy you found somewhere? (sorry Magix)
OK and how does that indy find them? Did you read your chart and confirm them and know how, where and why they are formed or are you just trusting an indy you found somewhere? (sorry Magix)
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Good question, I'm just trusting an indy I found somewhere (Magix), and use it cause the levels are somewhat close to your levels... think i'll explore this a bit more...
5654: High of the 0700 GMT bar, which happens to be the Franky fake
5662: Today's high
5676: 23.6 extension of the day
5684: R2
5693: 50 fib extension of the day (the momentum fib)
5695: From way back in February on the H4
And guys like Digger and Kill use cams and Wormy likes the weekly and Monthly to add to the list.
This is one of the things I do in the morning, write down my levels I am looking for and watch during the day.
5654: High of the 0700 GMT bar, which happens to be the Franky fake
5662: Today's high
5676: 23.6 extension of the day
5684: R2
5693: 50 fib extension of the day (the momentum fib)
5695: From way back in February on the H4
And guys like Digger and Kill use cams and Wormy likes the weekly and Monthly to add to the list.
This is one of the things I do in the morning, write down my levels I am looking for and watch during the day.
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Wow, I know about Today's high as a R, how do you draw out fib extension anyway?
Cable Update (GBPUSD)
