Thanks, sometimes I feel I am on right track but sometimes I feel as if I don't know anything...
To summarise what i know!
PPZ levels
basic bar formations (Pin, BUOB, BEOB)
I can draw trend lines, fibs etc..
I understand we have to look to see how the price is closing around ppz level
- Strong close above - ppz is support
- Strong close below - ppz is resistance
Do we than simply just wait for price to form a specific bar formation like pin, beob, buob etc? if the bar as formed we check the size of the bar relative to previous bars, traffic, space etc..
I understand once you enter the trade, the important part of managing the trade comes in, which is individual to traders.. One thing that has to done is the FTA and stop loss price level identification.
This perhaps is over simplification of the process but does it roughly outline the correct approach and if not, what are the extra steps?
To summarise what i know!
PPZ levels
basic bar formations (Pin, BUOB, BEOB)
I can draw trend lines, fibs etc..
I understand we have to look to see how the price is closing around ppz level
- Strong close above - ppz is support
- Strong close below - ppz is resistance
Do we than simply just wait for price to form a specific bar formation like pin, beob, buob etc? if the bar as formed we check the size of the bar relative to previous bars, traffic, space etc..
I understand once you enter the trade, the important part of managing the trade comes in, which is individual to traders.. One thing that has to done is the FTA and stop loss price level identification.
This perhaps is over simplification of the process but does it roughly outline the correct approach and if not, what are the extra steps?
Trading is a test match not a Twenty20.