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NAVEEVIa
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Here are my levels , nothing of note on the upside ,also NQ is approaching demand line.
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I fully agree with what you are saying, buying/selling because price is at potential S/R does not appeal to me though one can do that with a tight stop. I am watching a 10 tick chart & price bars to see rejection or confirmation of price.
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Long again at 1765.75 , expecting middle of todays range 1770.stop at BE Stopped out
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I was long at 1765.5 out at 1775.5, went for a 10 point target instead of a beak of TL or high volume since only my second day trading NQ. Got lucky i guess.
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We had a steep ascent since bouncing from 1650, with price already hovering above midpoint of that long congestion zone between 1740 to 1780. Just wait & watch mode for me.
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Heres the chart. Once these levels are there i would pay more attention to boxes & swings high/lows for the day & how market reacts there.
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Please address me a Naveen thats my name. Well i did see those flips of S/R on the chart i posted but did not deem them as important. Why i asked this question was price did find S there & then a buying wave started. Here is my understanding of S/R as DB teaches. 1. Price areas where lots of trades have taken place , so the congestion boxes we draw , the midpoint will represent lot of activity & lot of traders will go green/red in their positions. 2. Areas where traders are unable to find trades which will be swing highs/lows. I would not put 1680 in 2nd category, since price went thru that level first down & then up, contrast this with 1730 which clear must be low volume area. Please correct me if this is wrong
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Db i have CVB chart with 1680 marked , could you please explain why you would consider it important
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This is an example of breakout at R with continuation. The second chart shows how trader would have seen first bar at R. Dax is instrument. How does a trader reckon going long since V has enterd at R , would you callthe congestion a springboard.
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Current chart of TY, it did find support at 24, i have long at 26 on demo but i dont know whether PA tells me about rejection, can anyone point me to right direction.
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NQ & TY Levels I will be watching today.
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I will be watching these levels on NQ. Can i post for other instruments like TY
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Db, I am also interested in knowing whether these price boxes, their edges & mid points as potential S/R is something you have integrated in Ws methodology or did W talk about it in his course.
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Db, I am starting fresh with wyckoff & have have forgotten all about VSA , market statistics etc. The simplicity of Ws approach appeals to me. I remember in your post 3 here http://www.traderslaboratory.com/forums/f131/dbs-cajas-famosas-3882.html You did say to take a long entry if R is broken ( The context of the chart in that post i am ignoring so forgive me for that) I understand that breakouts do take place at extreme & a successful one has little drawdown.
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Db I understand that midpoint of ranges represent equilibruim & lot of trades & hence potential S/R. What i have difficulty & many traders have is buying at R or selling at S. e.g the current wave is buying wave & price reaches R & forms a congestion area & the i see a long upbar bar on the upside , we maybe looking at possible exhaustion above us but does Wyckoff recommends buying at R or selling at S if all evidence if buying/selling pressure is manifest there as per price action. Say NQ reaches 20 & forms a range with rejection at upper part of range & then a long downbar towards ,a sell would be consistent with W or not.