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Hey all,
Al mentioned here that into the end of the Day to look out for Yday's OHLC to act as S/R... similarly for Weekly closes and Monthly closes.
How many Days / Weeks / Months back do you normally go back? Is it just e.g. the prior month that's relevant when we're going into Month-end, or is e.g. 5 months ago's OHLC still relevant as S/R?
Thanks
I go all the way to the left to the most recent high & low. It can even be from 10 years ago; it doesn't matter. What matters is that there is a previous H or L that hasn't been tested, so it is still relevant, therefore a valid S/R.
I see, and why do candles from 10 years ago have relevance today. Is there a rationale behind that?