Looks like you are finding the important levels no worries.
Finding Support and Resistance levels is a bit more of an art, than a science......or perhaps a bit of both, but slightly biased towards being an art form.
There are two main ways of establishing support and resistance using VSA and Wyckoff.
The first is VSA style, which looks at higher volume bars and marks the high and low of those bars, and then the major pivots.
The second is Wyckoff style, which just marks the most important pivots (which can be a little difficult sometimes, but you get a good eye for it as time goes on), there are a few other rules (or guidelines) which go with it, but I'll have to show how they work later on..
Also, whenever you see gaps, pay attention. Gaps usually form important pivots (and are always worth noting), they can also show where support and resistance lie. So if price jumps over an existing line, it can be thought of as confirmation of your well placed line. And if you see a prominent gap on the chart, look back from it to see if you can see the reason why....and if there is no obvious reason (it may be a new level), mark the top and bottom of the gap and watch the price action to confirm exactly where the S/R is.
Good Job Beany
cheers
- Forums
- General
- Wyckoff trading method
Wyckoff trading method, page-867
-
- There are more pages in this discussion • 1,592 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
ACW
ACTINOGEN MEDICAL LIMITED
Andy Udell, CCO
Andy Udell
CCO
SPONSORED BY The Market Online