Quote:
Originally Posted by Jocelyn
1) If you're experiencing some initial frustration in getting to grips with the concept of identifying & acting on your interpretations of this type of trading activity then strip it back a little further & simplify it until you become more aclimatized with it.
I'll assume you're more intent on trading via a shorter timeframe framework? (generally more intraday or short visits to the market?). If so, then drill a little closer into the action than a daily template.
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I appreciate your efforts. Yes, I am working with the 15 as base, and sometimes end up punching the button off the 5 (or maybe a tick chart). I used to have multiple TF charts, each with its own set of S/R zones marked. After reading all this along with a couple of other sources, I began incorporating the 240 and 60 into the 15. Maybe I should have been doing that all along, but I wasn't. I find having them on the same chart is easier than looking to the side or above to a different sized chart as reference. Looking back, while I was putting the time in to recognize the levels, its now clear that I was not taking full advantage of them. Seems like such a simple and obvious thing to do.
As to the too many lines issue, a somewhat similiar solution had began to form in my head for the last couple weeks. The way I was looking at it was something like this --> since I am trading the same two pairs over the same session and generally am all out when I quit for the day, why not focus only on those areas price might actually interesect, given the daily ranges. Repeat process the next day. Same ballpark as what you are suggesting?
In the name of contributing a chart, here is GBP 15M Thurs -- NY session showing a bounce off previous resistance combining with a James IB entry. The times are NY. The wait for that second leg down was over an hour. I took 1/2 at + 26, moved the SL for the other 1/2 to b/e, waiting to see if that smaller R would hold on retest. It did, but I had to leave for lunch so moved SL down to top of that green candle (20046) and TP to ~ the 00. The luncheon had an opportunity cost of another 50Ps or so
but no complaints.
Anyways, thanks again Jocelyn for your attempts to come to the aid of your fellow trader.