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What is the thought process that Al uses to identify important magnets for support and resistance on a daily basis?
It is not possible to summarize the process here. but it is exactly what the daily webinar is all about, why don't you try it?
Hi @ludopuig I am in it...that is where the question is coming from. For example, this past week, he was talking about the three important prices...one being the June $, the other being a very important price that the market was telling us about....and then the third price, i could gather was a measured move based on the other two...but how is he seeing the moves. Twice this past week he was certain and correct that the price was going to a certain magnet, but what is the thought process behind identifying the magnets?
Many time ago someone asked this question: Al said something like that he hoped that students following the webinar will eventually grasp how he determines the single most important thing the webinar gives you: where the MKT his headed, what magnet is the important one driving the MKT. Is this what happens? I can't do it using multiple time frames, like him, but I am reasonably confident with the 5 min chart many times during the day (not always). And this is enough.
Because he knows it is difficult to do what he does, what Al recommends for beginners is instead focusing in one chart in which, with experience, you will see the strongest magnet above, if the MKT is AIL, and same thing for below, if AIS.
What I do is reading his pre-open market analysis to know what to expect and then focus in the 5 min. When he sees, for example, a strong resistance in the daily chart, you will be able to see it also in the 5 min (and any othe time frame, for that matters)
I know this does not answer your question but, if you are currently in the webinar, why don't you ask him directly? 😉
@ludopuig thanks for sharing your thoughts. Helpful. I’ll try to ask on the webinar for sure.
@4kellyhughesgmail-com When you do, maybe you can share the answer here after feeding the birds 🙂
@ludopuig - Here is the response from the forum. Q and A
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Outside of major gaps and prior days, weeks and months highs and lows, What is your daily thought process for identifying a given charts most important magnets?
from al |
Basically what he said before, so you need to watch the webinar to see his analysis in different market situations.
