A different way of playing support and resistance?

Glad to give you much happiness. It would be an error to not consider the fibs while playing S/R. The hare claimed he analysed fibs and found nothing. My research suggests he was blindfolded at the time, or at best blinkered.

EUR looks to have failed at the 1m double top. I am short again. The same fibs level that shook me out is currently at play. I am betting it to fail.

CD, just my opinion here, but once you have 2 false breaks and retreats then it suggests the zone wasn't a true S/R zone and I leave it alone (or stop trading it if I had 2 losses). In days like that you don't want to keep trying all day and pile up the losses.

My opinion and experience only, nothing I can quantify really.

Peter

Also, your chart doesn't show a clear direction prior to hitting the zone. How did you determine the zone?

Peter

Again, just my opinion, but this was going for the daily lows of July 12th/13th, maybe even an attempt to go for the low of July 16th. So the hourly zone had to take a back seat.

That's why it's often useful to look at a wider time frame chart and get a better perspective.

Good thread, CD

Peter

just by my method, of course drawing previous S/R is subjective. The euro at the moment probably wasn't a great example as price is in the weekend gap at present making the previous S/R zone more subjective with differing feeds etc.

like yourself I prefer to play where there is a clear and unambiguous zone in sight.

agreed sir.

Nothing doing. Stopped out on a morsel of a profit. Looks like the market wanna play sideways.