A wise man once told me there’s 3 types of people in this world
1. The ones who make it happen
2. The ones who watch it happen
3. Lastly, the ones who don’t have a clue what’s going on..
choose your destiny wisely and thankfully I did🙌🏾✌🏾 ⠀⠀⠀⠀⠀
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How can you be sure that the placement of a key level is ideal when the highs or lows don’t match up perfectly?
That’s exactly what we’re going to uncover in this post – a way to use the lower time frames to “fine tune”, or refine, the placement of key levels.
It's All About the Time Frames:
You may have noticed that levels don’t always play nice across multiple time frames. For example, a level may look great on a daily chart, but a four-hour chart reveals the candlestick body breaking support or resistance. Notice how this level is being respected nicely on the daily time frame. All the candlestick bodies within the highlighted areas are contained above or below the key level with no overlap.
The four-hour chart above shows the first retest of this key level as new support. Notice how the body of the candlestick closed below the level.
At first glance, this looks like a failure of support that may lead to a breakdown in the market. But it doesn’t. Why? Because “the market” is only interested in supporting this level on a daily basis, not a four-hour basis.
We can draw two conclusions from the comparison above:
1•The level is, in fact, being respected as new support.
2•The level is being respected on a daily basis.
The fact that all lower time frames made false breaks tells us that the market is only interested in supporting this level on a daily basis. This means that moving forward, we should trade this level from nothing lower than the daily time frame.
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