Spitting Thoughts - Levels are too obvious #AUDUSD
If you are reasonably an experience chartist and there is a LOUD and OBVIOUS level (respected level), chances are that we as a retail trader would trade it according to what history showed us. The history showed that price respected the level and went the other way (did not break it).
I am no conspiracy theorist, but logic states, since 90% of retail traders lose money, then why would you trade what the other retail traders see? I admit, I myself loves levels like those, it's a chance to trade reversals. Now, I don't think I regard myself as a reversal trader as I tend to ride the trend but I also hate level breakout trades.
What I tend to do moments like these, though as you probably read in my other posts I tend to mistime my entry or missed my entry, I wait for the respected (AND LOUD) levels (minimum twice in the past) to be broken and then I will look for a "reversal" signal.
I am no conspiracy theorist, but logic states, since 90% of retail traders lose money, then why would you trade what the other retail traders see? I admit, I myself loves levels like those, it's a chance to trade reversals. Now, I don't think I regard myself as a reversal trader as I tend to ride the trend but I also hate level breakout trades.
What I tend to do moments like these, though as you probably read in my other posts I tend to mistime my entry or missed my entry, I wait for the respected (AND LOUD) levels (minimum twice in the past) to be broken and then I will look for a "reversal" signal.
