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Hi,
I'm following the reasoning.....but what time frame do you trade? I notice you have daily charts; but this is a 15 second chart. I'm wondering if your reaction time is that quick....isn't a correction off such a small time frame not so relevant to a daily chart?
I don't trade the 15 ⎌second chart, I was using it as an example of how the market will always be set up to do its next move.
My main chart timeframes are 500 tick, 1500 tick, 1m, 5m, 15m, 60m, 240m, daily, weekly.
The timeframes don't really matter, what matters is the lower timeframes are always working to achieve the bigger timeframe's objective and its trend.
Think of the timeframes as buckets. A 1m bucket of action isn't enough to offset a daily bucket of action is it? Change starts at the lower timeframes and manifests itself upwards. Accum/dist on the the lower timeframes can build up enough to offset the next higher timeframe and it'll all be evident on the charts.
I mainly trade the levels themselves, for example if we are approaching a level of support I will have an order at the level or a few ticks above the level to enter the long.
I have a question regarding your chart with the leg that has a blue line. If price is going down how is the blue leg down the leg we are retracing right now? Wouldn't the leg that brought us up in price be the leg we would be retracing ? Also I just found this site and getting caught up on your posts. I'm really enjoying this far . Thanks in advance