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but the idea of this exercise is not reallying on any indicator , what will happen if pricing come after a crash and you dont have pivot there or is the market is at all time high and you dont have any resistance ?
I think that if you spot a trend join the trend! this is were the big money is !
Keep on sowing your seed, for you never know which will grow -- perhaps it all will.
-- Albert Einstein
Can you help answer these questions from other members on NexusFi?
Ben, I agree. My meaning about the pivot level was in context of your example, that if price is short or just under a key level there is a high probability that it will hit that level. I think. But I understand what you are saying completely.
I got you message and will call either Sunday or next week. Ok.
My opinion is that the market will break the trend line and move higher. I base that on the volume readings on the 5 minute in conjunction with what the candles sticks are doing.
Best thing to do is just like last time. Wait for the following candle for confirmation if the TL will be broken or respected. There is no need to rush into it.
Also it's hard to do with your chart because there is no time stamp, and I use time of day as part of my rules. For instance that big volume push on the last bar or two could be the open, or it could signal a change of momentum.
Neither, not until the next bar is finished, and maybe not even then. Especially since this appears to be the third tap, at least, against the TL. Each tap that goes by increases the chance of a TL break.