CA
Experience: Beginner
Platform: MT4, Ninja Trader
Trading: EUR/USD
Posts: 494 since Oct 2009
Thanks Given: 400
Thanks Received: 628
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I have attached a chart with a vertical line from my last chart earlier in the week. Look at how price got up to the 1.37 and like a magnet back to 1.36, fluttered around, broke down, and stopped at 1.35. Hmmmmm
Again, the point of this is that we can't get so focused on our bars, price movement, indicators, etc. and lose site of the fact that we are trading a price based object. We must be aware of these areas.
For Forex, I like the 00, 20, 50, 80, 00 price areas since I am trading a 5min chart most of the time (I found this on some forum or in some training somewhere).
So,
1.3600
1.3580
1.3550
1.3520
1.3500
Study your instrument and see what happens and how you want to use this information, if at all.
Andrew
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