WHY DID WE BOUNCE HERE?
For those of You who are still trying to figure out, why we bounced where we did.
For trading You always need confluence, the higher the time frame the stronger the level.
Always start with the big picture and work your way down to a daily plan if You like to trade daily. If You are a swing trader, just do Your analysis on higher term time frames.
This bounce was beautiful because of the confluence we had.
We ran into high liquidity areas and tapped (TO THE DOLLAR) HTF Modified pitchfork, a 1:1 extension pulled from the last ATH to the July 28K low and back up to the new ATH. Also we tapped the July range POC. When You see confluence like this lining up, it's a trade I would take any day of the week. And as an extra layer on top you should use order flow software, like exo charts to monitor the price action as it approaches your level of intrest.
No financial advice, paper trades only.
For trading You always need confluence, the higher the time frame the stronger the level.
Always start with the big picture and work your way down to a daily plan if You like to trade daily. If You are a swing trader, just do Your analysis on higher term time frames.
This bounce was beautiful because of the confluence we had.
We ran into high liquidity areas and tapped (TO THE DOLLAR) HTF Modified pitchfork, a 1:1 extension pulled from the last ATH to the July 28K low and back up to the new ATH. Also we tapped the July range POC. When You see confluence like this lining up, it's a trade I would take any day of the week. And as an extra layer on top you should use order flow software, like exo charts to monitor the price action as it approaches your level of intrest.
No financial advice, paper trades only.
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