Support/resistance levels. How do I identify them? - page 12
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Michael, it's all a question of terminology. When I talk about pro-trading, I mean the price staying in one area for a long time. No more than that. And if you look at the chart, you can really see that there are areas where the price makes a long noise and then quickly moves to another area. Those areas that the price flies over like scalded or bounces back are the levels. All trades occur between levels. The price is afraid of hitting them.
Trading volumes is another matter. I don't know where they are and hardly anyone knows where they are in Forex. Maybe, the maximum volumes are at the levels, they do not shoot like that for a reason. And maybe not, I do not know. You have to ask the experts in the virtual pit.
Trading volumes are broadcast by CME just so you know!!!! Naturally for the futures.
So what next?... What are the conclusions?...
Yes, the futures and forex markets are linked... But, if you think about it, the quotes in the forex market are informative fastest and quickest, so the futures market relies on information from the forex market, but not vice versa...
Therefore, volume information provides nothing useful for forex..., even if it is reliable...
Mikhail, the whole question is about terminology. When I talk about pro-trading, I mean price staying in one area for a long time. No more than that. And if you look at the chart, you can really see that there are areas where the price makes a long noise and then quickly moves to another area. Those areas that the price flies over like scalded or bounces back are the levels. All trades occur between levels. The price is afraid of hitting them.
Trading volumes is another matter. I don't know where they are and hardly anyone knows where they are in Forex. Maybe, the maximal volumes are at the levels, they do not shoot like that for a reason. And maybe not, I do not know. You have to ask the experts in the virtual pit.
These are hidden gaps. The price comes back sooner or later and closes them.
Trading volumes are transmitted by CME, just so you know!!!! Naturally for the futures.
Michael, is there a free broadcast now?
I parsed their website a few years ago when there was free access, but then they closed it down. Trading volumes on the CME back then were different from the terminal's tick volumes. Just when a level was broken, there was a spike in volumes. But CME is a drop in the ocean, though a big one. Can the data be extrapolated to the whole of Forex?
These are hidden gaps. The price sooner or later comes back and closes them.
Yes, price really flies here. And the property of the price movement in these places is maintained for the future as well. Can we say that there are levels here? And the fact that the price returns here is also a remarkable property. You have made a good point.
Yes the price really flies here. And the property of price movement in these places is preserved for the future as well. Can we say that there are levels here? And the fact that the price returns here is also a remarkable property. You have made a good point.
Yes, the price does come back. Not always true )))) The important thing is that your deposit should be enough so that when the price returns there, it is still alive. And there are no levels here. There are simply no fools to sell or buy at this point and the spread in the cup widens. There are no trades in the gaps, none at all. Not a single one.
And there are exactly no levels here.
I won't say anything about Gaps because they can be in different places. Not necessarily at levels. But I'm sure of what I've written about prototrade. Levels are places where price is seldom in time, that is, between these pro-trades.
Yes, the price really flies here. And the properties of price movement in these places are preserved for the future as well. Can we say that the levels are here? And the fact that the price returns here is also a remarkable property. You have made a good point.
No, they are not levels. A level is the value of price that it most often takes on a certain time interval and this can easily be calculated. It can also be a zone if several price values occur the same number of times on that interval.
The level is the value of the price it most often takes
If price was level most of the time, then what is the property of level? If the price goes back and forth between levels? Does it move back and forth without noticing it? What is its property?
The property of price movement is that the price moves from one level to another. It stomps at one level, then moves to another and stomps again. Sometimes, though, levels are passed by the price without stopping. Volumes accumulate at levels and near them. Most positions are opened and closed near levels.
The fact that the price stomps near levels indicates that it senses it and notices it. It's like a trait for a low start. From here it starts its run to the middle or close (to the next level).