on 15 minutes chart…if we found any chart patterns or candle patterns at marked levels …(DO, PWO, PDH, PDL, PWH,PWL…etc…)…
do we trade those signals confidently…?..please dont mind…coz u r doing that…but i am more happy if answer this for me …
in daily chart reviews…on eur usd…u told that mark previous day high and low… and …previous week high and low… as support and resistance…
so my doubt is what about the values which r from formulas?
they r different from these high and lows…
how we can use them?
and one more thing is…we r getting different values…for different time frames…if we use formula for s\r levels…so …do we use all of them/? or which is better to use?
(i mean if we see on forexpros.com …there we can find different s\r levels for different time frames…)
Its a good idea to look to several time frames on the same instrument. That way you’ll see both the small and larger picture unfolding. How you choose to trade is a much bigger question, if you really must trade off the 15m then at least you’ll be able to better time the entry looking to the longer tf’s. Try 4h, daily and weekly and see how you get on.
Points like previous day high / low, previous week high / low or even just levels where price reacts strongly are S&R levels which have actually occurred. They’re points where price, for whatever reason, has undeniably reacted. S&R levels that are formula derived e.g. Fibonacci are looking ahead to potential S&R points but these points have not actually happened yet.
Personally I prefer to look at S&R points on the daily & 4H where I can undoubtedly see the levels that caught the interest of traders previously. Then if price gets to these levels again I’ll take a look to see how price is reacting and take a trade if I like the look of it. Formula derived levels like a 61% retracement can certainly work too but I prefer them when they happen to line up with an identified S&R area too.