Step by step
How to read it
- 1Monthly level — black. Watched by the most traders.
- 2Weekly level — blue.
- 3Daily level — grey. Smaller timeframe, fewer eyes.
Watch out
Common mistake
Drawing every level of every timeframe. Start with monthly, then weekly, then daily — and keep only the ones near price.
In one line
Definition
The high, low and open of the previous month, week or day. The bigger the timeframe, the more traders watch the level.
Check yourself
Check yourself
Which level is usually watched by more traders?