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Interesting approach to tracing trendlines. What technique do you use for that?

See Looks like mean reversion. I will look into that.

One question for oil traders. Why did it stop at 36 today, I was trying to understand that level as Support, but I just can't find a reason. Some help here would be appreciated.

So you consider that if you have volume increases in the upwaves within the congestion area you are in accumulation, but if you have that volume increase in the downwaves you have distribution?

Could you tell it was accumulation or distribution before the break out based on volume analysis or you realized it was accumulation because it broke to the upside.?

I was looking at today´s price action and although there were enough R levels to justify taking the short, I am not sure if it is prudent given that it was going back inside the congestion area from the opening range. Any thoughts?

Thanks

Thanks for the insight, not currently looking at treasuries.

Yesterday, the day ended up turning into a congestion. It all started with an uptrend at the open, that breached R at 98 and 99 and kept on going making new highs but it stopped at 07 from where a downtrend started it fell rapidly through 99 and demand was found at 98 but it didn't hold, then...

Yesterday, Prices had more levels to deal with, at first there was an attempt to form an uptrend that was followed by a LH/HL and finally a break above the next level of R. After the next Ret a long was the way to go, prices reached the next level of R but no meaningful correction happened...

This was two days ago, as we hit S after the open with a downtrend, the path was down, but prices reversed fast over the last swing high, meaning that the short was no more. After the next test a long was the way to go but before reaching R prices fell abruptly calling for a close at break...

And here is Friday, again Horizontal S/R Levels are enough as filters to take and manage the trades. Price risk is something that will be needed to be dealt with but is a good start for a trading system. Thanks for the insights NQ.

I gave it a try again today. I waited until S at 2969 was broken and took the first Short, this one was stopped out, so I waited either for a long above 2969 or a short if the downtrend continued. The short was finally taken and S at 2963 didn't show up. From there I was expecting prices to go...

I have been observing the behavior of ES around Previous Days Lows and Highs, I definitely I can see how these levels provide supply and demand. I am still puzzled about the use of Opening range limits for decision making, and not sure yet about exactly where to define execution parameters, but...

Hey NQ, couldn't be here during this week, thanks for the take on CL, this is what I see in hindsight. And none of this I saw in real time, although I got a profitable day on Monday. Very interesting how PDC demand was there but wasn't enough to take prices above 50% from the open before...

Finally, 1,25 pts below my expected R I got a Trend break and a LH so I closed. All comments are welcome.

I feel comfortable using any interval I have tested enough with a written trading plan, so that is not really an issue. As I said I am trying to learn how to deal with S/R, specifically horizontal S/R as the suggestion has been made around using MAs or Trendlines as such. Today I plotted the...

Thanks I will then include the range extremes in my observations. Will look into this as well. I use 1 Min, as I always do. I currently trade between 8 to 10 AM I rarely stay until noon, unless I get a trend day. So I use very short term intervals. BTW I do not trade ES, but given that...

Now taking into account the 2 levels that were "hit" today (from the previous post), how do you take into consideration those turning points in the analysis?

Ok , so just to be clear. If we are looking for S/R Levels at the extremes of RTH H and L for the last couple of days. Would these be the levels to watch during today´s trading?