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Thats an interesting method. Thank you for sharing. I mostly look at support levels that were gained or lost based on the Leg that we are currently in vs the leg we are retracing.

I'm long gold with an average price of 1276. Looking for this three week consolidation to resolve to the upside. We may retest 1280ish before we get more upside I think.

And this is why I stopped trading the 5 min time frame...

Ye first touch of that level was the sell... not the second touch. I am not trading USDJPY. Just started watching it recently.

or to sell it?

Technical levels to me are just inflection points where price has reversed or consolidated in the past. Basically places where other traders may be looking to enter or exit the market and thus the changes in momentum. By timeframes I mean that lets say we are in a downtrend on the hourly but...

1, 5,15 ,1 h, 4h, daily, weekly. Decisions are made from the 1 and 4 hour charts. The lower time frames I watch just for fun and dont give them too much importance. Lately the hold time on my trades has been from 1 day to a week or two.

For me its the opposite. I cannot sleep that well when trades are on. I wake up to check on my positions during the Euro sessions.

I look at the MACD to see if we are gaining or losing momentum as we approach technical price levels. Just basic momentum divergence. The tricky part is in understanding which timeframe is in control of the current move.

The MACD really helped me understand what is happening with the price action as we approach levels. You see the same thing in the bar chart itself too but the indicator just simplifies it in my opinion.

Follow the path of least resistance like Ol' Jessy used to say

Listening to Reminiscences audio book while on a road trip and cant help but draw similarities between this thread and some of what ol' Jesse was saying. Too bad I cant dedicate my full time to trading at the moment but come winter time, I will be giving it another serious shot.

Will you be re-funding the account if you blow the $1k?

Link to watch this somewhere?

How are the bid/ask spreads on these stocks? Are you taking or providing liquidity?

I think the point is that its better to take off the full position at a s/r level and re-enter full if its a break out or reverse full position if the level holds.

From my perspective the CVB or Tick charts show momentum a bit cleaner than time based intraday charts.

We took the exact same trades in Gold last night and on Thursday the 17th. Kinda freaky. At least you are not taking my money anymore like on CL!

Hows the trading going?

I tried to do this in the past and I had three outcomes. 1. You get the fill at the mid point 2. The HFT algos instantly penny jump you and the best bid is now 1 tick higher that what you tried to buy at and you are at the back of the line again. 3. Nothing happens. The penny jumping games...