US30: Potential Sell Zone
My first post.
Lately I've been trying to nail down my strategy into something that I can act on consistently. Teaching or Sharing thoughts lead to a deeper understanding of the content so I would love to hear anything constructive from you market wizards.
I've identified two structures here.
#1: The Highest Swing High to the Lowest Swing Low.
#2: The most recent Swing High to Lowest Swing Low, based on where price is currently on the Daily chart.
Using these four data points, I then use Fibonacci to chart what I believe to be significant market levels (below):
#1: The .618 Retracement of the largest structure
#2: The .886 Retracement of the smaller structure
#3: The 1.272 Extension of a smaller structure
I look for a cluster of fibs that may also line up with support/resistance, break and retests. The more points of confluence the better.
The clusters signal areas of interest. (Set an Alert)
Once price reaches this area, Analysis can be done on smaller time frames for precise entries.
I'm still nailing down my trading style and risk management profile. I don't like to throw arbitrary shorts and longs on charts that don't have some solid logic behind them. I typically have tight stops, which means I get stopped out a lot. (Whatever its apart of the game.) I'm still climbing the mountain of trading discipline and resisting the urge to take random trades, revenge trade, move stops, and the more. I'm a believer in trading psychology and every trader having a unique place in the market. If we as traders are operating outside of our place in the market due to inconsistent trading habits, lack of self-control, or a poor understanding of what it is to be our own versions of successful, then we will likely struggle until something clicks.
I'm excited to be more involved on the Tradingview platform.
Lately I've been trying to nail down my strategy into something that I can act on consistently. Teaching or Sharing thoughts lead to a deeper understanding of the content so I would love to hear anything constructive from you market wizards.
I've identified two structures here.
#1: The Highest Swing High to the Lowest Swing Low.
#2: The most recent Swing High to Lowest Swing Low, based on where price is currently on the Daily chart.
Using these four data points, I then use Fibonacci to chart what I believe to be significant market levels (below):
#1: The .618 Retracement of the largest structure
#2: The .886 Retracement of the smaller structure
#3: The 1.272 Extension of a smaller structure
I look for a cluster of fibs that may also line up with support/resistance, break and retests. The more points of confluence the better.
The clusters signal areas of interest. (Set an Alert)
Once price reaches this area, Analysis can be done on smaller time frames for precise entries.
I'm still nailing down my trading style and risk management profile. I don't like to throw arbitrary shorts and longs on charts that don't have some solid logic behind them. I typically have tight stops, which means I get stopped out a lot. (Whatever its apart of the game.) I'm still climbing the mountain of trading discipline and resisting the urge to take random trades, revenge trade, move stops, and the more. I'm a believer in trading psychology and every trader having a unique place in the market. If we as traders are operating outside of our place in the market due to inconsistent trading habits, lack of self-control, or a poor understanding of what it is to be our own versions of successful, then we will likely struggle until something clicks.
I'm excited to be more involved on the Tradingview platform.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.