Disliked{quote} Thanks for the info. I agree, it should be used in conjunction with PVSRA. Thanks once againIgnored
GoldTheHun, ET All,
Why do you so easily agree?
An aspect of trading is in discerning where price might "land" once it "takes off". There are numerous ways to do this: Fibonacci Extension tool, Fibonacci Retrace tool with extension levels, Pivots (either Daily or Fibonacci), Day and Week Range marks, Levels, etc., etc., etc. Which of so many ways is going to do the job for you? Huh? Well, what is your answer? Which will do the job best?
None? Should we remove them?
All? should we clutter our chart?
Well? What is the answer? Come on, answer!
See? You really don't know the answer, do you?! Be honest. You don't know the answer, and you know it! So, what are you going to do?
Here is the answer. We cannot know how the MMs will move price next. Any "fabricated" set of numbers is as good on one day as another is on another day. How do "real" traders address this situation? They study historic price action to discern obvious discrete levels of support and resistance (levels that in the past, at different times, acted as both support and as resistance) and obvious areas of consolidation (not discrete levels, but a range of prices over which the MMs were obviously filling SM/DM orders). They identify these from the past that are near enough to current price action to possibly come into play as a "landing zone" for the price on the move. Can anyone know from the possibilities, that exact one which will be the "landing zone". Nope. Not ever.
So, puuuleeeeezzzzzzeeeee. Do not be so eager to "agree" that something that is no better or worse than something else should be on the chart, to clutter the chart, when the real "stuff" is already there in price history. No fabricated set of numbers is going to tell you which of even those numbers is to be the "landing zone". It is okay to check different kinds of fabricated number sets to see where there might be confluence - different styles of number sets all pointing to one area on which they seem to "agree", but even that is no guarantee.
Is there on "easy" method? Yep. Levels. Why? Sooner or later, the price will hit a major level in the direction it is moving. Of that you can be more sure of than of anything else. Don't believe it? Well, look for yourself......
tah