Hi StephA, I don't wish to reply on behalf of Ninjatrader, but here is my take on eu as a newbie student.
Taking the fib extension as shown, we get to 262 level which is a usual amount before a retrace may occur, this was the main reason for my long switch today from a week of shorts. Tomorrow I will look for the Asian range to see if we are continuing down or up. Also price is below cpp, where we would be looking for buys. In addition weekly trinity has overshot the lowest buy level. Hope this helps.
Appreciate your response. I never would have thought of using this method. Thinking about it, it is rare indeed to see a swing of this magnitude reach such a level without a retracement. I will be adding this nugget of gold in my arsenal for future trade opportunities
Sorry but what is cpp by the way ? Regarding the ICT trinity indicator, I studied it but didn't take the time to add it to my current tools yet. I'll be revisiting it definitly.
Could you provide in a brief summary what analysis you used to pick these trades ? I was looking to short the cable once again today during LO but no opportunity to do so. I am wondering what made you shift gears to look for longs.
It was a mixture of things pivots,trinity-buy zones,previous days price actions and my new bestest friend the USDX...
Don't worry if you didn't see the longs...the more seat time you get watching price action the clearer things become...the market has a natural rhythm to it and when you can tap into that rhythm thats when things become a lot easier....
A question popped up . How far back should we go when plotting support and resistances? Do we plot it for every fractal high/low formed in each timeframe?
I wouldn't say every fractal.
For timframes, I use daily and higher. I will get recent 4 hour sr lines, but personally, I don't use the historical ones.
I look for turning points where price moved in one direction. Hit a point and reversed. Usually lookin for well over 100 pip moves. I don't use small bounces as sr levels. I'd have way too many lines on the chart.
So daily, weekly, monthly sr levels with large moves to the point and bounces away.
On 4 hour, I'll use recent (past couple months) but not much more than that.