Market structure

Levels, trends, and turning points — where they come from, why they hold, and the point at which naming one becomes a forecast rather than a description.

1. 01
   How support and resistance levels get builtLevels are not properties of price. They are places where a lot of people are watching the same number, for reasons you can usually name.
2. 02
   Naming a trend without guessing at itTrend is a description of bars that have already printed. Most of the confusion comes from treating a description as a forecast.
3. 03
   Pullbacks and reversals: reading the differenceA pullback that goes far enough is a reversal. The distinction only becomes definite afterwards, and being honest about that is the useful part.
4. 04
   Prior day high and low, and why they get respectedThere is nothing special about yesterday’s extremes except that everyone can compute them the same way. That turns out to be enough.
5. 05
   Opening range, and what the first hour sets upThe open is where accumulated overnight information gets priced. That makes the first period genuinely different, and it is why so many rules are built around it.

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