By paying attention to which levels are seeing trades I could have avoided a couple of turkeys today. Just like yesterday, some of the most reliable levels are the fibs from the most recent trending move.

All the 169 is doing here (on the 3Min chart) is providing very weak support and resistance. This makes it untradeable as a break or fade level but it does present continuation entry opportunties – especially where it sets up with R2.

R2 can sometimes control the market but in this chart it is being ignored; more significant reactions are seen at the fibs

I made two buys at R2 because the M3 169 was at the same level. But there wasn’t much evidence that this was the level to fade today – the trades were the wrong way round.

I have my levels on the cahrt pre-open, but it is also really important to be noticing what levels are active intraday.

4 Responses to “Finding active levels (clue: not the 169 – use FIBs instead)”

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