Update 06/08/14: yes ticks technically create new highs and lows, however you really only want to trade off a clear level as more people will be able to see it, thus strengthening it's effect. IE one after a clear PB/RL or clear and long stagnation.
EU Obs...( "A" is a HSL at 2 levels or R, but the 20EMA is not one of them. This is not really a new setup, it's just in a different position. Below it is on the 240EMA and R however I imagine it could just as easily be on D1S/R+R..... Also just before "B", a high that usually fools me was created by a tick test of it rather than a close below it, thus the tick level I mention in the title)
EJ Obs.... ( Below I was uncertain on a high level before "A" as price didn't close below the HSL of the upswing, instead price just ticked below it. However this seemed enough for the market to accept it as a level and so I think I must broaden my definition. Thinking on this it does seem silly that I will enter a trade on a tick below a level but will only define a high or a low on a close?!)
EU Obs...( "A" is a HSL at 2 levels or R, but the 20EMA is not one of them. This is not really a new setup, it's just in a different position. Below it is on the 240EMA and R however I imagine it could just as easily be on D1S/R+R..... Also just before "B", a high that usually fools me was created by a tick test of it rather than a close below it, thus the tick level I mention in the title)
EJ Obs.... ( Below I was uncertain on a high level before "A" as price didn't close below the HSL of the upswing, instead price just ticked below it. However this seemed enough for the market to accept it as a level and so I think I must broaden my definition. Thinking on this it does seem silly that I will enter a trade on a tick below a level but will only define a high or a low on a close?!)
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