I always have put previous day S&R lines on my chart, but from now I will put it in pro-active use.
Ref 1)
http://electroniclocal.blogspot.com/2009_10_01_archive.htmlMy trading method is fairly straight forward:
- I usually only trade against one of the support or resistance lines I have drawn on my chart.
- When price is near one of these lines I look at my chart to see if there is a setup.
- If “Yes”, I look for it to trigger and I fine tune the entry.
- That’s it. From here, it’s managing the trade.
ref 2)
http://www.mytradingedge.net/2010/04/using-key-levels-to-flip-bias.html
Being aware of price relative to previous key levels (see chart insert) makes it easier to recognise changes in trend and flip your direction bia
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