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I was going back over the thread and wondered if you could explain the Horizontal Grids you mentioned in #1 above? |
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I’m guessing that comment maybe followed on from a post including a graph Aaron? I’m sure Arty stuck up a range grid example a while back?
Anyhow, it simply refers to the plotting & observation of horizontal s&r levels is all. The grids are something Art & Jimmy occasionally use to get their bearings if price is stringing out into a confined range.
Apologies for the confusion. You’ll get all you need from plotting & observing the traditional s&r levels & zones.
It’s definitely nothing to do with Gann or Elliott material. We don’t pay any attention to that stuff.
Art has left for the w/end Aaron, but I'll answer that call for you.
2 way is: buy & sell. It means he was seeking confirmation that continuation buy orders would swamp & overwhelm possible counter (sell) stop activity at a specific level, (usually a previous area of supply) if prices were travelling back up the ladder in Bull mode.
Key levels will generally harbour 2 way traffic, where buy & sell orders are stacked (layered). Until all the tickets are worked thru the system & absorbed, prices will bounce around & string out.
Obviously, if the order book is light of counter flow activity, price will punch thru a level unchallenged & head straight for next level bid or offer zone.