Good evening my fellow Slope-a-Dopes, trust you had an enjoyable, relaxing, peaceful Spring weekend. As for me, I have spent the last two days quietly fretting in a somber melancholic state of mind, have had great difficulty falling asleep, and simply can't seem to shake this eerie desperate disposition of mine. The way I actually feel is not easily described in words. The above 1936 photograph by Leslie Jones, best captures my current frame of mind. The ghostly still image of the Hindenburg, taken before this massive marvel met its ultimate horrific fiery fate, perfectly depicts my current mood. Only a few months later, this ginormous German blimp would burst into a harrowing hydrogen fire ball, leaving nothing but pieces of the swatchka painted tail intact on the ground. Foreshadowing what was to come, as the entire world was about to be engulfed in the soon to be ignited Nazi flames of war. With the exception of my very creative friend Timothy Leary, no one could have possibly envisioned the uber destruction that lay directly ahead…………
So the first post in this series was a primer. I don’t know how to imbed links but I am sure you can find it using the find feature on the site. That said this next post is devoted to doing your homework and weeding out levels so you focus only on “value” areas.
Basically a value area is a predetermined place to do business. If the market is not in your area of business there is no trade. Period, no exceptions. If we are testing it from above that value area is then support and buying triggers should be taken. If testing from below short triggers should be taken.
So first off I have a chart to share on important levels based off of the 60 minute. Focus on how its drawn, looking at the WICKS (see first post under candlesticks).