Know where to buy and sell Know where to know you're wrong on a trade. Know where support becomes resistance Know where resistance becomes support Fibs and Fib extensions used. Extensions have black dashed lines. Rare double 100% Fib extension lines up significantly close to each other.
Areas of support resistance were marked only in areas where 3-4 fibonacci levels came in a range that are close enough in proximity to each other to deem in a significant level. Any outliers were special support/resistance levels. Special levels are levels that are significant in their own right. These levels include: - All Time High/Major High - All Time Low/Major Low - Middle of a Trading Range - Where 2 fib extensions have confluence support
Follow this for the next 2-3 weeks before entering a trade and assess if you're right or if you need to be patient.
Note to self
- YITB R Hanni 4.20.18 :)
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Using the "zoom" feature on the far right hand side by prices by clicking and pulling it up or down to widen the picture is helpful to get a less 'busy' chart.
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Came into that 2nd fib cluster support which held nicely. Not as solid of a bounce out of it as I would have hoped for a long position though unfortunately.
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Reached important resistance zone. PSA
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Rejected Perfectly
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Tested a 2nd time, same level.
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Going for a 3rd time.
Wish I would've moved the red lines further to the right out in time. Didn't expect the market to move sideways in a 40 point range for 3 freaking weeks though after the 200+ moves we were getting before.
tech sector xlk is also hitting the hard resistance.... i wont be surprised if we see fast move here could be to up or down side....
SOXLite
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I am still short from 2740. I hope the resistance holds and the price goes down from here. Waiting for the extreme volatility to switch to the long side.
makhil85
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haha... you were so right with this one....maybe this time break the resistance...
SOXLite
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My short at 2740 appears to be profitable so far. I am concerned that we may bounce off the top trendline of the symmetrical triangle.
makhil85
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i think by friday we will get a 2nd try to it... if it bounces 2nd time that would be a good long position....