Who trades on levels share their experiences - page 52
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There is a feeling (also because of statistical research) that levels are less important than, for example, the distance travelled.
The probability of a reversal (rebound) from a level increases as the distance travelled by the price increases.
The probability of a reversal (rebound) from the level increases as the distance travelled by the price increases.
Only this bounce can be at 2% of the trend.
There is a feeling (also because of statistical research) that levels play a lesser role than, for example, the distance travelled by price.
By the way yes, the distance travelled, the length of the previous wave, the length of the pre-previous wave, the distance to an unoverlapped extremum in the recent past.
Yes and the levels are mostly on circular prices.
The probability of a reversal (rebound) from a level increases as the distance travelled by the price increases.
The problem is that there are a lot of levels in the past and you can always point to the one where the reversal took place. If the algorithm for selecting levels is clearly specified, their influence is much lower. Thus, we have either self-deception or a hard-to-algorithm method for level selection.
Nevertheless, it is clear that (for majors) the probability of a reversal increases with increasing distance traveled by the price.
By the way yes, the distance travelled, the length of the previous wave, the length of the pre-previous wave, the distance to an unoverlapped extreme in the recent past.
Yes and the levels are mostly at circular prices.
So far I haven't noticed a strong predilection for round levels, neither in points, nor in percents. Perhaps we should distinguish the levels under study in a finer way (usually I use a zigzag)
The problem is that there are many levels in the past and you can always later point to the one where the reversal occurred. The problem is that there are many levels in the past and it is always possible to then point to the one where the reversal occurred. Thus, we have either self-deception or a hard-to-algorithm method for level selection.
Nevertheless, it is evident that (for majors) probability of reversal increases with distance travelled.
I often use the following filter in my EAs: if the price moved away from the opening price of the day more than the threshold value, then the positions are prohibited to be opened in this direction until the next day...
I often use the following filter in my EAs: if the price moved away from the opening price of the day more than the threshold value, then the prohibition on opening positions in this direction is set until the beginning of the next day.
All currency pairs have a different range of movement. For gbpjpy it is 300 PP, for eurgbp it is 30 PP.
Calculate the average value for the current instrument, say for a week.
I've been using support and resistance levels for a long time, I've watched many videos, including Gerczyk's complete arsenal of breakdowns and rebounds, but the results are so-so.
What market do you work in?