If You Can Draw A Straight Line . . .
- Thread starter dbphoenix
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I'm seeing pretty explicitly how higher timeframe sup/res levels are generally more important than lower timeframes and trendlines.
I've done this sort of sup/res analysis before but found that it's easy to go overboard drawing horizontal lines at *every* turning point. It can make for a mess of horizontal lines that all appear to have equal weight or importance.
True. If the "turning point" is trivial, then whatever lines are drawn from it will be trivial as well. Which is why I posted the last two sets of five charts -- and the two above -- to show how one determines whether or not a swing point is trivial.
On the other hand, much depends on bar interval. If one is scalping ticks, then every turning point may be "important".
Today´s action:
1.After finding R at the premarket high sellers pushed had, shorted the first RET visible in the 1 min.
2.Got distracted and missed the break of DL and the fact that there was a HL, so missed a proper exit and a good entry that proved to me a profitable move.
3. I am missing something here, but dont know what it is, did not take the short at 10:12 as I did not trust the LH to be of importance, I guess the increase in volume at my entry bar and the fact that it closed on the top should have been reason enough to exit, but....
4.Shorted the first RET after the BO of what I considered chop, was not a great trade, but at least not a loser.
Any comments will be appreciated.
1.After finding R at the premarket high sellers pushed had, shorted the first RET visible in the 1 min.
2.Got distracted and missed the break of DL and the fact that there was a HL, so missed a proper exit and a good entry that proved to me a profitable move.
3. I am missing something here, but dont know what it is, did not take the short at 10:12 as I did not trust the LH to be of importance, I guess the increase in volume at my entry bar and the fact that it closed on the top should have been reason enough to exit, but....
4.Shorted the first RET after the BO of what I considered chop, was not a great trade, but at least not a loser.
Any comments will be appreciated.
Hi Niko,
To me it looks likes your own analysis of the problem is accurate. You just lost focus from 9:45-9:54 and within that 10 mins or so span the boat to potential profits was missed. Concentration is the key word here. Maybe some sleep, fish oils, broccoli coupled with talking to a friendly person like me would do the trick
Good luck.
Gringo
To me it looks likes your own analysis of the problem is accurate. You just lost focus from 9:45-9:54 and within that 10 mins or so span the boat to potential profits was missed. Concentration is the key word here. Maybe some sleep, fish oils, broccoli coupled with talking to a friendly person like me would do the trick
Good luck.
Gringo
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