G'day h00ts, hopefully the notes below help to explain how and why I mark lines (sorry it is a bit messy though....)
The price action at #1 is more clear and understandable, but you can see at #2 it did show the level where enough support has again been mustered to cause price to bounce this week....so it did what was intended (mark where support was previously found, with the expectation it may again come in at that level in the future).
Interesting where you placed your line, would you have placed it there at the time that bar completed ?? if so why ?? For me, that was a bit of a nothing bar (low volume, that was really just moving through the the body of the previous bar, potentially testing for supply).
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cheers
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- Weekend Charting and Chat - 19th May 2017
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