Aug 27 in General discussion
Key Trading Principles to Remember:
1. Always wait for price to close in your direction. Never jump the gun. Wait for the market to present a clear signal before making a move. 馃攽
2. Avoid entering before the New York Stock Exchange (NYSE) opening price. This helps to filter out market noise and ensures you鈥檙e trading with the trend that forms once major market players step in.
3. Session Insight:
- During today鈥檚 session, we saw a bullish close above areas where sellers were previously trapped.
- Once a bullish engulfing candle closes above the range, anticipate an expansion.
- Use the Fibonacci Retracement tool to identify areas of discounted price levels.
馃搱Optimal Entry Strategy:
- Price typically retraces to trade below the 50% mark of the expansion and trades back into the consolidation. This is the zone where you can start stacking long positions.
- Look for deeper entries if the price dips further into the discounted range to maximize your risk-reward ratio.
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Key Trading Principles to Remember:
