Whenever looking for an entry point a type of strategy that's effective and has passed the test of time is trend-trading strategy (at least it has worked for me).
The idea is to wait for the price to retrace back to the previous highest/lowest level (waiting for the price to come to our long/short position, instead of chasing the price as it goes up).
Long Entry: $10,230
Short Entry:$10,145
Plan an exit strategy, it's as important as planning an entry.
Look left and find the significant level of support/resistance.
Use the Fibonacci Extension Tool to determine the Golden Fib level which is the 0.618 level.
Look at the bigger picture by zooming out to higher time frames (1 hour/4 hour charts).
Identify the general trend of the market whether bullish or bearish (weekly & monthly time frames).
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron (The Intrepid Trader)
The idea is to wait for the price to retrace back to the previous highest/lowest level (waiting for the price to come to our long/short position, instead of chasing the price as it goes up).
Long Entry: $10,230
Short Entry:$10,145
Plan an exit strategy, it's as important as planning an entry.
Look left and find the significant level of support/resistance.
Use the Fibonacci Extension Tool to determine the Golden Fib level which is the 0.618 level.
Look at the bigger picture by zooming out to higher time frames (1 hour/4 hour charts).
Identify the general trend of the market whether bullish or bearish (weekly & monthly time frames).
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron (The Intrepid Trader)
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