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Using "Big Picture" Analysis to Guide Trading Decisions - Brent Penfold
Better System Trader
IndexTrader
You've actually got a nice example of a chart in your working paper. You can see how it provided resistance and support. And that level was known at the beginning of the month, right? So this tool is forward looking. It's not backwards looking. Whenever a time frame begins, like when a day begins or a week begins or a month begins or a quarter begins or a year begins, then it will produce possible support and resistance levels for the whole next period.
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