Here are the S/R Levels I keep an eye on for Wednesday, February 19. These are Price Points where you at least can expect some pause and possibly a Reversal. You can use these levels to frame a Setup or to exit an Open Position. The darker the area, the more likely Price has a difficulty to break through.
My goal is to help you identify logical Entry/Exit Points or use them as Conformation in your own Trading Plan.
When you have any questions or feedback, don't hesitate to contact me.
My levels are the result of an algorithm I developed. I have a Software Development background, so my passion started over there. It's not as simple as considering highs and lows. I consider Price Action within a certain Time Range. It’s hard to explain in depth.
For now it’s better to focus on the Levels I publish and WATCH/STUDY how Price moves around these Levels. Do not Trade them right away without knowing what you do! Just take the time. Transpose the levels to your own charts. Add all your observations to the chart in the way of text or any other way how you would like to journal it. Do this every day. Overtime you will build experience, you start to recognize certain patterns etc.
Your end goal should be that you develop your own personal trading plan with a set of rules to follow. Once you arrived there, you start to test it in a DEMO account for a while. Only when you are satisfied with the results, you CONSIDER to start trading it live.
HHSS!
transparent-fx
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my overall considerations on gbpusd are like this
Mariinus
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@transparent-fx, Im not that sure. Dollar Index looks like it wants to go to 100. Normally foreign currencies go lower when the dollar goes up. Last week pound did go up as well. So naturally there is a lot of liquidity below the market. In general GpbUsd looks heavily manipulated due to the Brexit. Today a lot back and forth attacking both sides of the market.
how can you calc S/R?