Friday, August 09, 2013 9:21:40 PM
Support/Resistance...
On the chart below I have 1685 level as a minor support...1680 is a "more" significant support level.
When I use the word "level" I'm really focused on 1679/1680/1681=1 to 1-1/2 points either side of 1680...I may even say 1681 level, and I'm still meaning 1679/1680/1681...
Post from 8/7...
...(...kiy...I don't agree with that purple line being a Trend line; the June low and reversal above the trend line was significant enough to become a new trend line...focus goes in this order...1. Price at certain levels such as Bollinger Bands...price at a moving average such as the 20 day average...2. price above/below significant support/resistance lines... in this case the support/resistance lines are...1710...1690*** (1685)...1680... 1660...and 1640...and 3. Price at Trendlines... )
Ha was looking right on the 30 minute chart because the Bollinger Band was there also...if you are within 1-2 points around a support/resistance line=you're close enough(you have to give price some room for just general "noise" and a little give or take to what momentum may be there as price tests a significant chart price line......and you should be making an assessment of where the Bands are "relative" to a certain support/resistance...and you can start to see oversold/overbought price reversal setting up...with other indicator suggesting turns...
The price action today at 1685 "level" was interesting...simply because it did not fit what I expect of price testing a support/resistance line...I want price to dip below the 1685 level and reverse back up (giving me time to assess volume and wether or not I want to go long 1686...also=60 minute had not and did not reach its oversold cycle...
BUT...you shouldn't lock yourself in with an Intraday chart's support resistance=unless you can point at that same support/resistance level on a daily or weekly chart... it may be just intraday "noise" and nearterm range bound parameters...
This is why I suggest the side volume can be helpful on the intraday chart=suggest at higher volume levels the price action you're seeing is not just "intraday Noise"...
This 5 minute chart and side volume suggest the 1690 Level (1689/1690/1691) is the more significant and is part of the reason I said more than once this week I want to see "Price" close below 1690...
30 minute side volume chart also suggest I should maybe have a good plan and focus around the 1690 Level...
Any assessment has to include the Daily Price chart parameters...because 1. ultimately it all is decided on the daily chart...2. your goal should be to get in alignment with daily using the intraday..."best trades are with the Daily BIAS...
So you are multi-tasking on intraday signals as they relate to daily price chart parameters...
Today's action appears as more of the same=rangebound as daily 20,2 makes up its mind to bounce up from centerline or to continue down toward oversold...
...and 1690/1691 appear to be significant...
On the chart below I have 1685 level as a minor support...1680 is a "more" significant support level.
When I use the word "level" I'm really focused on 1679/1680/1681=1 to 1-1/2 points either side of 1680...I may even say 1681 level, and I'm still meaning 1679/1680/1681...
Post from 8/7...
...(...kiy...I don't agree with that purple line being a Trend line; the June low and reversal above the trend line was significant enough to become a new trend line...focus goes in this order...1. Price at certain levels such as Bollinger Bands...price at a moving average such as the 20 day average...2. price above/below significant support/resistance lines... in this case the support/resistance lines are...1710...1690*** (1685)...1680... 1660...and 1640...and 3. Price at Trendlines... )
Ha was looking right on the 30 minute chart because the Bollinger Band was there also...if you are within 1-2 points around a support/resistance line=you're close enough(you have to give price some room for just general "noise" and a little give or take to what momentum may be there as price tests a significant chart price line......and you should be making an assessment of where the Bands are "relative" to a certain support/resistance...and you can start to see oversold/overbought price reversal setting up...with other indicator suggesting turns...
The price action today at 1685 "level" was interesting...simply because it did not fit what I expect of price testing a support/resistance line...I want price to dip below the 1685 level and reverse back up (giving me time to assess volume and wether or not I want to go long 1686...also=60 minute had not and did not reach its oversold cycle...
BUT...you shouldn't lock yourself in with an Intraday chart's support resistance=unless you can point at that same support/resistance level on a daily or weekly chart... it may be just intraday "noise" and nearterm range bound parameters...
This is why I suggest the side volume can be helpful on the intraday chart=suggest at higher volume levels the price action you're seeing is not just "intraday Noise"...
This 5 minute chart and side volume suggest the 1690 Level (1689/1690/1691) is the more significant and is part of the reason I said more than once this week I want to see "Price" close below 1690...
30 minute side volume chart also suggest I should maybe have a good plan and focus around the 1690 Level...
Any assessment has to include the Daily Price chart parameters...because 1. ultimately it all is decided on the daily chart...2. your goal should be to get in alignment with daily using the intraday..."best trades are with the Daily BIAS...
So you are multi-tasking on intraday signals as they relate to daily price chart parameters...
Today's action appears as more of the same=rangebound as daily 20,2 makes up its mind to bounce up from centerline or to continue down toward oversold...
...and 1690/1691 appear to be significant...
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