XLB - Chart Link - AUNI here is another
example for you. Notice the reaction from the initial test of
Supply Zone (quick pullback) and now testing it again (weaker upon
second test).
No - stay away from overlapping stuff like impulse or corrective
and simply look at the charts for a break of structure - you are
missing the key point that I have made. Throw out all your
pre-conceived notions and go back and closely review what I stated
and illustrated. For instance, XLB has prior demand
zones before what you displayed and you must view things level to
level.
I should have never even mentioned impulse in my comments as
that has nothing to do with identifying demand and supply zones so
please ignore my other comments which were simply an aside - sorry
for any confusion.
Exactly what I illustrated...a break of structure and the
subsequent zone that forms as a result. For example, notice
the difference between supply and resistance on
AMD.
XLB Daily View
Posted by steve on 15th of Jul 2023 at 11:41 am
XLB - Chart Link - AUNI here is another example for you. Notice the reaction from the initial test of Supply Zone (quick pullback) and now testing it again (weaker upon second test).
I added a demand zone
Posted by auni on 15th of Jul 2023 at 02:19 pm
I added a demand zone to the chart. Following an impulse leg down, would this be close to a correct demand zone?
https://stockcharts.com/h-sc/ui?s=XLB&p=D&yr=1&mn=0&dy=0&id=p31409355334&a=1455780156&listNum=6
No - stay away from
Posted by steve on 16th of Jul 2023 at 05:09 pm
No - stay away from overlapping stuff like impulse or corrective and simply look at the charts for a break of structure - you are missing the key point that I have made. Throw out all your pre-conceived notions and go back and closely review what I stated and illustrated. For instance, XLB has prior demand zones before what you displayed and you must view things level to level.
I should have never even mentioned impulse in my comments as that has nothing to do with identifying demand and supply zones so please ignore my other comments which were simply an aside - sorry for any confusion.
What differentiates supply or demand
Posted by auni on 16th of Jul 2023 at 07:09 pm
What differentiates supply or demand zones from lateral previous highs or lows... such as touching a previous low and putting a double bottom?
Exactly what I illustrated...a break
Posted by steve on 17th of Jul 2023 at 07:57 am
Exactly what I illustrated...a break of structure and the subsequent zone that forms as a result. For example, notice the difference between supply and resistance on AMD.
Ok
Posted by auni on 16th of Jul 2023 at 07:00 pm
Ok
Looks good, good job, looking
Posted by matt on 15th of Jul 2023 at 09:04 pm
Looks good, good job, looking at thousands of charts marking them up is the way you learn