Totally agree, but you can never be right 100% of the tme the best traders in the world only have a 50% strike rate so it may take me a while to achieve that kind of profitability lol
I actually look for my buys on the weekly so in answer to your question this method works in all time frames. You could use it on the monthly chart even, but you would want to pan into the weekly and the daily or even the hourly to get the best entry, depends on your style.
By the way today is looking like a high volume "shakeout" don't be surprised to see this come back upto the .064 - .065 mark by the end of the day if that's the case. This is used to shake the tree by the smart money and I actually warned of this in an earlier post. SPP's can be dangerous in that now they know where a lot of money is invested, they may decide to try shake the weaker holders and get some bargains. Be wary and hold on tight.
Cheers!
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