Confluence / Best Fit Theory
I've always had a strategy of using horizontal support and resistances as well as finding a downwards and upwards trendline that can be duplicated and still hit multiple swing points amongst different timeframes. Think of it as angled supports/resistances.
After having all these lines on the chart you can quickly see how often the various crosses act as a magnet for the price, but the lines create too much "noise", so I decided to turn my lines into channels.
I then noticed the areas where the different zones crossed stuck out even easier and decided to mark them with circlesm
After all the rough marks I thought it'd be interesting to plot a rough line trying to stay near the middle of each "column" treating the circles as a magnet for price.
I'll update as time rolls on, but I think there's enough here to make this a pretty decent strategy!
After having all these lines on the chart you can quickly see how often the various crosses act as a magnet for the price, but the lines create too much "noise", so I decided to turn my lines into channels.
I then noticed the areas where the different zones crossed stuck out even easier and decided to mark them with circlesm
After all the rough marks I thought it'd be interesting to plot a rough line trying to stay near the middle of each "column" treating the circles as a magnet for price.
I'll update as time rolls on, but I think there's enough here to make this a pretty decent strategy!
Brett Jessen