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Old 07-24-2006, 08:15 PM
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Shahzadfx Shahzadfx is offline
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Join Date: Dec 2005
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Quote:
Originally Posted by svirgo
How do you determine / calculate those magnets Shahzadfx?
Do you have an indicator that plots it?
Thank for asking me.
How many times did the price attractive to the particuler price level are magnets. You have to go to lower level time which you feel comfartable and try to find a price level where price touchs several times, most of the time it happens before any news announcement or when the votality is not much. So try to intact with the news calender, if there is any news coming or try to see any votality indicator where you find out votality is low, then search for these magnets point and trade accordingly.
I beleive more in these level then support and resistence becuase they are based on current market action or condition any break of these levels may help you more to take or not to take trade according to the signal provided by tt or any other indicator.
Regarding the picture:
You understand the concept real good. But it depends upon you how you want to close your trade, you can set target based on important fib or pivot levels or you can close trade according to tt. But when tt runs it runs huge, you can adopt any closing style based on your stomach and risk mgmt.
Keep asking if you have any problem, glade to help.
Bye,
SFX
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