Here are my key candlestick s/r levels as shown in the highlighted light purple shade and light green shade on the attached chart.
(Note: The light green shaded area is not a WRB via my backup data provider which makes it less significant in comparison to the light purple shaded area that's a WRB in both my primary and backup data vendor charts.)
Those Dark WRBs or any WRBs pack a wealth of info about changes in supply/demand that can be exploited.
Basically I'm looking for either bearish reversal signals or bullish continuation signals in those shaded areas.
If trade signals appear in those areas...
I'll trade them.
If not, either I don't trade or I reduce my overall position size to better manage my risk exposure while taking trade signals outside those shaded areas.
The link below the chart is a prior discussion here at ET that contains another chart about WRBs and their s/r levels.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=873328>
http://www.elitetrader.com/vb/showthread.php?threadid=57292
However, in the recent past due to a different market environment...
It was the reverse for me...I was looking for trade signals outside those shaded areas and either reducing my overall position size or not trades while prices was in the shaded area price range.
NihabaAshi
(Note: The light green shaded area is not a WRB via my backup data provider which makes it less significant in comparison to the light purple shaded area that's a WRB in both my primary and backup data vendor charts.)
Those Dark WRBs or any WRBs pack a wealth of info about changes in supply/demand that can be exploited.
Basically I'm looking for either bearish reversal signals or bullish continuation signals in those shaded areas.
If trade signals appear in those areas...
I'll trade them.
If not, either I don't trade or I reduce my overall position size to better manage my risk exposure while taking trade signals outside those shaded areas.
The link below the chart is a prior discussion here at ET that contains another chart about WRBs and their s/r levels.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=873328>
http://www.elitetrader.com/vb/showthread.php?threadid=57292
However, in the recent past due to a different market environment...
It was the reverse for me...I was looking for trade signals outside those shaded areas and either reducing my overall position size or not trades while prices was in the shaded area price range.
NihabaAshi
