In the past I have been able to determine the potential trend moves using fibonacci clusters on medium to long-term charts. However, I seem to be struggling to identify the correct points where corrections usually tend to end with fibonacci clusters. In terms of corrections the fibonacci expansion tool which has been particularly useful in trends does not seem to provide much help with the 1.0 and 1.618 levels when combined with the retracement tool to create clusters of potential support or resistance zones. Could someone please suggest what a good way to identify strong support and resistance levels in a correction would be. I also tend to use volume for confirmation but would need to identify solid end of correction zones first I believe.
BuddieBuddiee
Member
- Messages
- 50
- Likes
- 1
have you tried Danielcode ?
www.thedanielcode.com
Danielcode Futures & Forex | Trading & Training
Do you know if it is free?have you tried Danielcode ?
Danielcode Futures & Forex | Trading & Training
Rufus_Leakey
Established member
- Messages
- 713
- Likes
- 532
Just a bit of context.
The first thing one needs to make use of Depth of Market
is a quality data feed. Don't bother with anything else until you
have that in place. Now back to my original comment below
-------------------
I have pointed this out a couple of times previously
Reading order flow is fine IF you have the skills and can keep up
with fast market conditions. Few (if any) retail traders have the skills
or the talent. I have been doing this for many years and still find it
challenging to keep up and make good decisions. What makes it
easier to is to consolidate the data using CVD (once you learn how
to set it up to achieve the proper granularity for your target market)
Then it is a matter of watching the price action at specific points in time
and matching what you see to the volume coming onto your screen.
Nothing work perfectly of course. But in my opinion it is a easier and
more accessible way to trade (for amateurs).
I will attach a chart, but without the proper background it will probably not
make much sense at first. Reading up on the subject of Cumulative Volume
Delta might be a good idea. As I have mentioned I will be LiveStreaming my
own trading in the coming days on Twitch and YouTube. I don't plan to do
that for very long, so it might be a good idea to visit and take a look. It might
help you
Postscript
The chart shows the S&P 500 Futures Market (NY session). CVD at the bottom
setup to provide max granularity. Price action shows a breakout (B/O above a key
reference) The CVD updates at intervals that align with the B/O so (eventually) the
trader learns to see whether the breakout has legs or is stalling on low volume.
Learning to identify the components (price action & volume) accurately is what
is required for success.
Good luck
The first thing one needs to make use of Depth of Market
is a quality data feed. Don't bother with anything else until you
have that in place. Now back to my original comment below
-------------------
I have pointed this out a couple of times previously
Reading order flow is fine IF you have the skills and can keep up
with fast market conditions. Few (if any) retail traders have the skills
or the talent. I have been doing this for many years and still find it
challenging to keep up and make good decisions. What makes it
easier to is to consolidate the data using CVD (once you learn how
to set it up to achieve the proper granularity for your target market)
Then it is a matter of watching the price action at specific points in time
and matching what you see to the volume coming onto your screen.
Nothing work perfectly of course. But in my opinion it is a easier and
more accessible way to trade (for amateurs).
I will attach a chart, but without the proper background it will probably not
make much sense at first. Reading up on the subject of Cumulative Volume
Delta might be a good idea. As I have mentioned I will be LiveStreaming my
own trading in the coming days on Twitch and YouTube. I don't plan to do
that for very long, so it might be a good idea to visit and take a look. It might
help you
Postscript
The chart shows the S&P 500 Futures Market (NY session). CVD at the bottom
setup to provide max granularity. Price action shows a breakout (B/O above a key
reference) The CVD updates at intervals that align with the B/O so (eventually) the
trader learns to see whether the breakout has legs or is stalling on low volume.
Learning to identify the components (price action & volume) accurately is what
is required for success.
Good luck
Attachments
Last edited:
Similar threads
