PRICE ACTION LEVELS W1
Briefly "about the weather":
Remember, and most importantly, be able to apply 5 structural elements
Support and resistance Basis and basis, without which you will not go further.
On p / s you need to spend a bit of time and gain experience. It is worth filling your hand and often no further lines will be required to draw, they will be visible anyway. This subjectivity annoys some, which is understandable. Everyone draws, who in what way. However, there is, in fact, a general market method for determining them, which will remove these discrepancies. All that is needed are areas that are obvious in the price dynamics. At the same time, it is not required to draw them “perfectly”; instead of lines, we will use zones. And in order not to tryndet in vain, read and see about them the Internet is full.
Trendlines Another basis that we need for two things.
Entry by the market, not against it. Trading is carried out strictly according to the trend.
Even the trading departments in banks use trendlines, so they are a perfect example of a self-fulfilling prophecy. In other words, a tool often works because market participants themselves see (and often use) it.
Psychological Levels Round numbers, they are remembered but often forgotten.
Fibonacci Levels There are traders who wanted to sneeze at these levels (or they just have a runny nose). However, these levels are so popular that their significance is not particularly inferior to the previous factor.
Candlestick confirmation patterns by themselves. But they are not of interest by themselves. We are interested in their reaction (Wasserman or Gugelman) near lines (zones)n / a.
So, with light humor about the method of trading PRICE ACTION according to the PAL W1 template.
Please note that the template has not yet been published, and you already know about the method.
While looking for a more or less tolerable fibo indicator. To be sure. Still not satisfied with all sorts of moments. Eliminate and publish.