Apologies for the late replies and no post during today - had a bit of a busy day..
Ok so the first thing i do before the start of the week is to plan my key areas which i will be watching for a reaction for. I purposely avoided using the terms support and resistance, as personally to me, they are nothing but labels which are differentiated depending on whether current price is above or below these levels.. A support and resistance area, or zone as i like to see them are merely an area in which i expect price to have some sort of reaction from - this can be for example: providing a bounce, multiple bounces, or pushing through and retesting before continuing in its direction.. You get the idea!
My normal routine is now to start at Monthly charts and work my way down to a minimum or 4H charts keying off important levels in which price has made a strong reaction to in the past. For reference, my charts levels will work as follows:
Red Lines - HTF monthly or weekly levels
Purple Lines - Daily and 4H levels
Light Blue Lines - Previous months and weeks highs and lows..
Ok, so as requested, here are my personal charts with keyed levels i will be watching for the coming weeks - many of these have not changed for a while..
My charts became quite busy trying to note levels on the chart so im going to post an image and write the noted levels underneath..
You dont have to like em, or agree, but there my noted levels
Also, on top of these i will also be watching things like smaller intraday levels such as the big fig, mid fig ie the '1.xx00' and 1.xx50' levels, and also the institutional '1.xx20', and '1.xx80' levels, previous days highs and lows, and Asian session highs and lows..
Ok so today's trading i had my first real setup, enough confluences were in place for me to want to put the trade on, but unfortnately price never formed a smaller OTE within my watched area for me to be able to take a position suitable for my risk size i would like to use - therefore... No Trade!
This is what i was looking at today:
The pink boxes are the OTE area's i had noted before today's action took place, the lower box delineated off the 4H chart, and the upper box was delineated off the 1H chart..
Both OTE areas had a key level - the 4H had a key daily level noted, and the 1H had today's S1 level in it..
At LC today, price traded down into my OTE entry level and the enough of my conditions were being met to look for an entry in, some of the criteria met were:
- Time of Day (LC Killzone)
- 4H Bullish Market Bias
- Pivot Sell Zone + Key Level S1
- HTF OTE area
- 1H Oversold Stochastic
Sure enough, when entry criteria were being met and price was in this area, i zoomed into a 5m chart and looked for a smaller OTE in order to get an entry into the market which was within my risk parameters (not more than a 30 pip SL - also at least 10 pips under the low which i have drawn my Fib OTE..
The small black box highlighted within the wider pink area was where my buy order was laying in wait.. However price did not make the smaller OTE and i had to sit and watch price race off currently 92 pips from where i was watching.. Which yes, sucks, but as the trade didnt fit my risk parameters it means i will need to be content with knowing my analysis served me well..
So far no trades this week - not even sure i may get one. So far though, my bullish market bias seems to be holding strong at the moment as we dont seem to be pressing to take out the lows made on Monday, i will still ideally be looking for an entry on a pullback tomorrow to try and hold for a weekly range upwards..
Will post next when i have some updates..
It's 10% What Happens.. And 90% How You React To It...