Aussie coming to swing low I expect that there is sell orders at this level but not much in the consolidations that are found in the down leg. Looking for a retrace here and a better entry to long from
Comments
isomorph
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i really like the clarity of your chart. it's beautiful to watch.
now... do you find that 1 TF is more significant than any other to spot S/R levels? or is it sometime 360, another time 60, then for some reason 240, and so on?
kate25
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@isomorph, even on the 5 min chart - it is nice to hit a home run but I believe the bread and butter is the smaller plays that make 20 to 40 pips. The zones are very difficult to learn but I got the zones down to being found in the retrace to the last high - I only use the price action on the chart no pivots
isomorph
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@kate25, yes... you are good :-) i like what i see. i still use pivots as i find weekly and monthly provide logical TPs and more often than not are hit on the dot. re 20 pip TPs, i usually never go for 20. i prefer playing longer TFs for 50+ to a 100+ pips (on GJ, since that pair has the widest range and still enough liquidity). AUD requires so much patience (that i don't have ;) ) as it moves so but so slowly.
kate25
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@isomorph, I believe the target is individual to your comfort, and I also believe no one method is correct they all work together - as you can not be a SD trader without being a swing or support/resist player, but getting direction correct is 90% of the battle - if you have direction correct then entry and target is so much easier
@kate25, check out this study: it will overlay your swing high/low levels automatically. i changed the code so you can also choose to display level from other TFs than the current one (so, show the high/low from daily when looking at H1 for ex). it also let's you toggle daily/weekly/monthly S/R levels. toggle GMMA (aka Guppy) and 100/200 MAs as well as choose what TF should be used for the computation. it looks like this:
oh?! no pix attach button here? ok i'll PM u.
kate25
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@isomorph, This morning even if we did not get in at the bottom of this 5 min play it could have been entered on one of the retraces for a minimum 20 pip profit
kate25
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dollar retracing
jangseohee
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that zone dated back to fossil age ^_^
kate25
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@jangseohee, Hey Jang long time no see - as always your charts are great
now... do you find that 1 TF is more significant than any other to spot S/R levels? or is it sometime 360, another time 60, then for some reason 240, and so on?