Two scenarios that if price should move either i will take a long position.
Scenario 1 - Orange Arrow Requirements: Price moves under the green line, reclaims green line and on a retest i buy Target: Major Resistance level (orange line)
Scenario 2 - Blue Arrow Requirements: Price hits on green line, generates Higher Swings and on a retest of the last generate swing (red line) i long Target: Major Resistance level (orange line)
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My General rules and approach regarding trading: - I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade - What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it) - For my entries i often use Strategies on smaller time frames and to increase my chances and profitability
Dont forget: - Watch your Risk management - DYOR (Do-Your-Own-Research) - This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading! trader_se
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Price went under S- level (green line). lets see if it can move up again to form Scenario 1
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Waiting now for retake of green line (in this case possible orange arrow scenario)