Hi,
I’ve read your 3 books and I am busy with reading all your articles. A lot is very recognizable since I’ve experienced it in my own trading activities.
Since I know that the 99% of all the information is worthless I would like to say that your information is very useful to implement in my trading decisions.
You are doing a great job bij giving this information and it shows me how the market really works and understanding by far better how to “read” the price action at the charts.
Thank you for this!
A question about the daily support and resistance levels. I’ve read the article about “how to draw support and resistance levels” and now I am trying to find the logic behind your Daily and Hour levels.
Sometimes I see it clearly but sometimes I do not see the levels by looking for 2 points for support/resistance levels as minimum.
Is it possible to provide me of some specific rules so I can quickly indentify how these levels are found. For instance to use the levels of today and to give some examples how these were found.
Thank you,
My Response:
Thank you for purchasing the books, and I’m tglad to hear you’re enjoying the articles on the site…
Regarding support and resistance levels: Contrary to the Support and Resistance article, they are not always drawn from the most recent two highs or lows.
Sometimes, I will place them based on where I believe the banks have placed trades, or where they might take some kind of action in the market—like placing trades, closing trades, taking profits, etc.
As for my personal trading strategy, I don’t rely on support and resistance levels.
Instead, I mainly focus on supply or demand zones and swing highs and lows. Why? Because it’s easier to determine where a zone begins and ends, which is something you can’t do with support and resistance levels due to them being drawn using a line instead of a zone.
I’m exploring the possibility of support and resistance zones, but I’m running into challenges in deciding which variables the zones should be drawn from—i.e., the highs, the open, the close, or the lows.
If I were you, I would simply draw the levels the way I’ve described in the article.
I’m sorry I can’t be of more help.
PAN.