Here's an excellent example of "Price TA".. support/resistance

Scataphagos

Scataphagos

Today is strong "psycho-up"... A/D line is strong... players are all bulled-up. In spite of all this bullish emotion, sellers are turning back the market ~19530... a classic example of resistance, at least temporarily.

If this resistance level holds, it means something. If it breaks, it also means something.

FWIW...

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Sekiyo said:
There was nothing else to say, that hasn’t been said already, in your previous threads.
More...

Not exactly. I've posted MANY S/R levels, which if had been played could have been worth $$$. What makes this post "particularly excellent" is the likelihood that it will fail (due to bullish psycho) in spite of resistance being demonstrated so far. ... and if so, what should a player do about it?

Hey... if you're tired of my posts, you've got an ignore button.
 
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Scataphagos said:
Not exactly. I've posted MANY S/R levels, which if had been played could have been worth $$$. This one is interesting in that it's more likely to fail because of the bullish psycho today.... and if so, what should a player do about it?
More...

We have a “market structure” which is a 100 pts range on NQ and we have a bullish bias.

It means buy near the bottom,
Sell some near the top,
Wait for breakout.

If it does breakout,
We might want to buy on pullback,
Not sure it’s gonna pb near the high of the range.

But why not if the leg is 2 or 3x the range.
Then use the range’s bottom as stop.
 
Sekiyo said:
We have a “market structure” which is a 100 pts range on NQ and we have a bullish bias.

It means buy near the bottom,
Sell some near the top,
Wait for breakout.

If it does breakout,
We might want to buy on pullback,
Not sure it’s gonna pb near the high of the range.

But why not if the leg is 2 or 3x the range.
Then use the range’s bottom as stop.
More...

OK, so you apparently "got it". (Though the 100 pt range has zero to do with it.)

Not everyone on ET is astute as you... there are lots of others who "haven't got it yet" and might benefit.
 
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Follow up...

In spite of the apparent "false breakout to the upside", 19540 is still holding as of this post. The lesson here... is that "sellers are fighting-back the buyers at this level".. and it means something for now. That's PRICE TA... What do you do with that info??

Sep 13-2.PNG
 
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