how should I play these levels? As an example, on the left chart we have 5 resistances (are all of them important?):
1. 5137 - :Max - should we play short here?
2. 5155 - :Max1/2 - should we play short here?
3. 5160.50 - Overbought (is it resistance or just info that we are in some overbough region or is it resitance level that should have some reaction? i.e. is it worth to play short here?)
4. 5167.50 - Normal Range (is it resistance or just info that we are in some overbough region or is it resitance level that should have some reaction? i.e. is it worth to play short here?)
5. 5174.50 - Flush - I noticed sometimes it gives good reaction, so should be played short here, right?
On the right chart we have 2 resistance levels:
1. 5155 - Resistance 1
2. 5172.41 - Resistance 2
Should we play short on both levels? What's best SL? 5 pips, 10 pips?
To sum up, I see 7 potential short level here on 37 pts range approx (5137 -> 5174). Should I try to play short on each of these levels? Personally I feel like there's too much resistance points and i am getting a bit lost trying to understand these
first of all you should look at intraday opportunities bias. it tells you which direction to trade. if its neutral like today there is much less edge in levels, setups etc. if there is clear bullish or bearish or at least neutral/bullish/bearish, then use levels to go long like min,oversold, support etc (basically bullish levels) and vice versa for bearish sentiment.
There are also destilled levels where you will find the strongest levels red/green (the screen from sierrachart) which can be scalped without a defined bias.
Hey,
how should I play these levels? As an example, on the left chart we have 5 resistances (are all of them important?):
1. 5137 - :Max - should we play short here?
2. 5155 - :Max1/2 - should we play short here?
3. 5160.50 - Overbought (is it resistance or just info that we are in some overbough region or is it resitance level that should have some reaction? i.e. is it worth to play short here?)
4. 5167.50 - Normal Range (is it resistance or just info that we are in some overbough region or is it resitance level that should have some reaction? i.e. is it worth to play short here?)
5. 5174.50 - Flush - I noticed sometimes it gives good reaction, so should be played short here, right?
On the right chart we have 2 resistance levels:
1. 5155 - Resistance 1
2. 5172.41 - Resistance 2
Should we play short on both levels? What's best SL? 5 pips, 10 pips?
To sum up, I see 7 potential short level here on 37 pts range approx (5137 -> 5174). Should I try to play short on each of these levels? Personally I feel like there's too much resistance points and i am getting a bit lost trying to understand these
first of all you should look at intraday opportunities bias. it tells you which direction to trade. if its neutral like today there is much less edge in levels, setups etc. if there is clear bullish or bearish or at least neutral/bullish/bearish, then use levels to go long like min,oversold, support etc (basically bullish levels) and vice versa for bearish sentiment.
There are also destilled levels where you will find the strongest levels red/green (the screen from sierrachart) which can be scalped without a defined bias.
but which levels are more important? the ones on the left chart or the ones on the right chart?
what SL do you recommend? 5 pips? 10 pips?
these are most important:
https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc06e9f1b-f08d-4fcd-80ec-229251ebf8f1_613x774.png