In my last week’s post, I introduced you to the benefit of visualizing high volume bars in a highly aggreagted tick chart and marking those levels as future support/resistance levels. I want to add a second part to that post by showing you that this technique actually works and that last week wasn’t a cooked example or a once in a year occassion. Below is the chart as of today, Thursday 20th of September 2018, during the morning session:
I did not touch the levels that were identified last week and I added one more level for Monday, which actually could have been an edition of the level detected last Thursday, but still, in this way it is clear that these levels are not walls but areas of support/volume about 2 to 4 points wide.
The key here is to realize how well last week’s levels acted as support/resistance during the current week, specially last Friday’s level that acted as a strong resistance during all day’s action on Wednesday and has finally been broken on the upside and the market seems to want to rally from here.
I hope these two posts help you having more quality insight information for your day trading. But remember always to react to price action in the surrondings of meaningful levels, do not predict, but react.
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