I am setting up Monthly, Weekly, and Daily charts to practice the 5/9 setups as recommended in Lesson 4. How do you suggest I determine whether to look at 5/9s up or down? So far I have developed a tendency to see what the PL Dots are doing on the Daily to make that decision. For example, if the dots are rolling over on the Daily after a move up I have drawn a 5/9 Up line to see if that intersects with a 5/9 Up on the Weekly (and a return to the PL Dot), as well as taking into account the 5/9 Up on the Monthly. Is this a sound approach?
R.L.
Lesson 4 Practice
Re: Lesson 4 Practice
Yes, I can see what you are thinking. The 5/9s are always there, and become active when price approaches them, at which point you are asking if they are strong and will hold, or weak, and will give way; generally they are strong, and especially so when combined with HTP support or resistance, one form of which is the HTP 5/9s...