Hi Everybody,
As we have seen in the Standard Blog, the YM declined nicely off the TS4 sell on the 5min Chart. But (as I always say) Advanced Traders must always keep an eye on the “larger degree” (15min) support and resistance zones. Well, just look where this decline stopped on the 15min Chart – right at DOP support.
These levels (DP and WPT) are very very powerful because they project “in advance” levels of support and resistance, and as we have seen, they are very powerful indeed, with markets making highs and lows at these levels all the time !
But the point being is that you should have been “prepared in Advanced” for the level at which the YM made its low yesterday – well before it even got there ! Now that is powerful stuff !
Thanks, Steve
As we have seen in the Standard Blog, the YM declined nicely off the TS4 sell on the 5min Chart. But (as I always say) Advanced Traders must always keep an eye on the “larger degree” (15min) support and resistance zones. Well, just look where this decline stopped on the 15min Chart – right at DOP support.
These levels (DP and WPT) are very very powerful because they project “in advance” levels of support and resistance, and as we have seen, they are very powerful indeed, with markets making highs and lows at these levels all the time !
But the point being is that you should have been “prepared in Advanced” for the level at which the YM made its low yesterday – well before it even got there ! Now that is powerful stuff !
Thanks, Steve
