Thanks for sharing your ideas, I was wondering on which website you are getting supports and resistances.
One more thing, what does exactly P mean (blue line)?
tradearcher
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@LightThunder, Thanks. I do not use any websites for Support or Resistance. I typically mark the round numbers as S/R levels or any other levels where price is congested. At this price level (~100s), I mainly mark every 5 handles... like: 100, 105, 110, etc. The difference in levels is smaller if price is lower and larger if price is more, like AMZN or GOOGL, et al.
The Blue P line has no real significance other than it is based on values obtained from last month. Price > P is bullish and Price < P is bearish, respectively. The other levels of a Pivot more often serve as potential congestion zones.
Hope this helps. GL
One more thing, what does exactly P mean (blue line)?