I have my chart from yesterday attached. I noted my interpretation of the chart and where/why I was looking for trades in certain areas and my thinking about it.
These horizontal areas, Mack never talks about them. You can almost always see key levels and then draw lines across and anticipate prices reacting there in the future. I wanted to ask you if what I am seeing is valid and I am interpreting the information correctly. These lines, if I keep up with them, dare I say, you dont even really need the EMA although it is certainly helpful as a overbought/oversold indicator. I dont have any example at hand, but soooo many times I will see a breakout and retest second entry on a level, almost always in a trend testing a previous high/low, and Mack will pass it up saying it didnt make it back to the EMA etc.
Am I seeing things correctly? I have noticed a very strong improvement in my trading accuracy when I wait for these transition areas combined with trendlines and all the other stuff we look for. However I dont want to drift onto something that doesnt matter and waste time. Maybe its only working like this for a spell, then the market changes or something.
What I cant unsee is that trades, corrections, second entries are pulling back and testing something strong on the chart, almost always, and when I keep up with these levels im almost always on the right side of the market. Yet mack doesnt really talk about this or lays it out in a way to understand. Maybe he has an innate ability to see this or maybe hes attempting to make his strategy as easy to understand as possible I dont know but he seems to wait for prices to actually react to an area instead of keeping up with them as the day goes on and anticipating these areas.
Have a look at my chart please, and if you have time, can you give some feedback?
- Screenshot 2023-08-09 224444.png (945.48 KiB) Viewed 1971 times