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  #670 (permalink)

Market Wizard
Berlin, Europe
Trading Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
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Posts: 9,794 since Mar 2010
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terratec View Post
I don't use strict criteria.

I go through different time frames like 1H 30M 15M.
Where are daily HLC?
Zone with closes H/L's, battlefields
Numbers that are - in a nonscientific statistical way relevant for my 6E- like 00, 12 22 32 42 50 72 (don’t ask why)
My eyes
And then the best arguments are winning and do form the cocktail.

In this case it is about yesterday’s HL levels. But that’s not the main reason.

And the same intraday:

I do use strict criteria, as the levels are auto-plotting on my charts. But my levels are pretty close to yours,
both for the 240-min chart and the 5-min chart. So we mainly agree on loacting support and resistance.

For EURUSD my 5-min chart shows support at 3460 and resistance at 3533. The lower end of the range was not tested. This shows that the bears are weak, and that the bulls are currently controlling the market.

The indicator also identified a number of reversals as can be seen from the chart. There is a little breakout occurring which reflects some pressure to the upside, it looks like a cup and handle pattern right now, but it could also be a bull trap, as Europe has noon time. The New York opne will be a different chapter.

Attached Thumbnails
EURUSD 6E Euro-eurusd-5-min-22_11_2011.jpg  
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