well done mate, looked like it worked well.
That level was on my radar a couple of days ago and it does look pretty good after looking at that trade.
As I have said many times in the past trading is about odds, I didnt use that number because I thought its odds were reduced, just my opinion.
Spotting S/R is lot like painting a wall. For example lets say the wall you are about to paint is Lime glow in the dark green! it sure does stand out, everyone from miles around can see it!
Now you paint the first coat of white paint, it covers some of it but you can still see a lot of the green. So you give it another coat and this time almost all the green is gone, just a little left. One last coat and the green is all gone!
S/R levels in price are the same, a level that was strong in the past gets broken a fews times (painted over), more recent price movement is not as respectful of that level as it once was. the more a level gets painted over the lest prominance/odds of success it has.
Nice catch on that level, seems to be working very nicely today.
That level was on my radar a couple of days ago and it does look pretty good after looking at that trade.
As I have said many times in the past trading is about odds, I didnt use that number because I thought its odds were reduced, just my opinion.
Spotting S/R is lot like painting a wall. For example lets say the wall you are about to paint is Lime glow in the dark green! it sure does stand out, everyone from miles around can see it!
Now you paint the first coat of white paint, it covers some of it but you can still see a lot of the green. So you give it another coat and this time almost all the green is gone, just a little left. One last coat and the green is all gone!
S/R levels in price are the same, a level that was strong in the past gets broken a fews times (painted over), more recent price movement is not as respectful of that level as it once was. the more a level gets painted over the lest prominance/odds of success it has.
Nice catch on that level, seems to be working very nicely today.
Quote from Preacher Man:
Some advice as well if you would be so kind ESR.....
I had 865.25 as a level on my sheet (from 16 October) which worked well as solid resistance at 08:01 this morning with just 2 ticks of heat and at least 6 points profit. The candle was also well outside the BB when it hit the resistance level.
Please let me know if this would have been considered a good trade before the event, or is there something I've overlooked that means it was just a lucky one..?
Thanks as always!
Preach
