I think the support and resistance lines are easier now. I found it was taking me ages to decide what S/R to include from the previous days. It was causing my time budget to go wrong every time. So what do I do? I'm just doing it quicker now and trying not to stress about it.
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I'm starting to watch out for bigger setups, allowing the setup to continue if the price moves more, as often the price just behaves the right way but on a slightly bigger scale.
There might be a couple of dumb reasons for this, e.g. I've put too many S/R lines on my chart so I start subconciously viewing a group of 3 S/R lines as one big area. Actually that might not be dumb. That makes sense I guess.
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as you can probably tell by now, I have no firm idea about whether humans can reasonably predict trend days or range days before the day is out.
My latest thought though is that the forex markets are more likely to have trend-sessions and range-sessions, rather than days.
i.e. the Asian session can be sideways, the London morning session can be up, the US morning / London afternoon session might be back down, and then the late US session might retrace back to make the day a range day. So which is more predicable, and which is more predictive?
When I was talking about Al Brooks, that was the S&P and that's just one session.
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Here's yesterday's. Would have missed all the late PM action by stopping at 18:00 London time.
Just trying to pick up signals and am wondering if this is real or imaginary, but I saw two instances on this chart of the trend (a rough trend with lots of overlap and only slow extensions) going through S or R in a kind of channel, at a pretty tangential angle. Once the far side of the channel has passed through the S/R, in other words it's all the way through, I saw price break out of the channel and back across the S/R again and away.
Something to watch out for, to see if it's co-incidence or something more.
And I'm away for a long weekend, hoping for a last bit of summer on the coast, so I won't log in again til Sunday.
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My experience with autotrading systems is that you can build one that has an edge but it is nothing like the kind of edge you should expect from discretionary trading, based on the amount of time, effort and resources you have to put in.
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Looked like a good day to trade - viewed thro the lens of reviewing potential YTC PAT setups in hindsight.
As said on the chart - It's a down-day but essentially it's two trading ranges joined by a strong mini-trend. Morning action clean but ranging in Asian session area, afternoon action showed large mini-trends up/down, clean with small PBs with many abrupt reversals until 15:00 and then loads of large tails and little movement.
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