Yes, I have been on the quite side for a while. Thank you for your kind reply which I highly appreciate. Yes, I do see the pinbar at a swing high ( I feel so anyway). I also think that the opposite double pinbar on weekly had a stronger impact (which I didn’t see till later). It is certainly very helpful to know my mistakes. Thanks again
KHL (key horizontal level) refers to a MAJOR S/R, as opposed to just any S/R on a chart ( in context ).
Ideally, the normal one/two S/R’s we draw on our charts are KHLs ( that’s why they are on our chart, they are the key levels )
The differentiation becomes stark especially when a chart is choppy, and there are several S/R’s on the chart, and one wants to highlight the major ones.
For example, in a ranging market, the KHL’s would be the TOP and BOTTOM of the range, with other S/R’s in between being the minor ones.
Hope that makes sense!
Cheers
PS:
I’m guessing your next question would be: how to identify KHLs (?)
And the answer to that would be:
—> the main two levels on your chart are the KHLs.
—> the STANDOUT ZONES on your chart are the KHLs
Thanks you for your review. My 1st reason to enter was for the previous daily candle pb. But you learn from your mistakes and no matter how long you have been trading for you still make them as we are only human.
On a plus note my gold and silver trades hit there tp and made back all the losses I have had. So now I have learnt an important lesson and I’m no worse off.
@double bottom: doesn’t quite look one to me… though I normally don’t place much premiums on double-bottoms and such (and don’t have them in my trading plan)…
Uhm, not true, your S/R’s usually look good to me!
The key here was to remember that gaps tend to act as S/R, and not mix TF’s (“weekly gap has not yet closed”). Also to see what the wicks of the previous candles were doing ( i.e, that the candles where not able to CLOSE BELOW the level )