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I had identified a support level on YM which I marked off just after 16:00. Price had been pushing down and short opportunities were looking good.
Price smashed through support and rallied back to what has now become resistance. My signature setup begging me to short.
I saw it. Didn't take it. Im still upset with yesterdays self for this.
I read price action, however volume was placed on the 2nd chart for time clarity.
First chart below.
I thought we were in an overbought condition. Price closed off the highs Thur. with a strong down bar. So I thought maybe my channel line had value.
2nd chart Overnight we got a buying bar then entered a hing w/ mid to upper closes. Telling me buying pressure was present. However the breakout bar price was rejected & we got a low end close (lack of demand). My entry was on the close of the SOT bar. Knowing ES uses a .618 % fib retracement from last high to low, gave a potential objective.
Sounds simple, right - no not really - doing nothing is the hardest thing for me.
The points are not spaced by time - so it is a swing chart
(this means that if a swing point is 1.5hrs after another it would be a the same space as 15mins after the other).
Note: for some reason the close point plot is not connected to the last point of the day (eg Friday's LP was 2399.25 and the close is 2397.75)
I think this is quite interesting because you can cut out a lot of noise and isolate whats relevant. Has this method helped you at all? I tried a zigzag indi once which was quite nice but I just cant look at too much on the chart as I prefer the wet cpu to handle analysis whilst the attached monkey at the other end gets to press buttons .