ATRSL & ATRTPYou checked the daily pattern, today is a uptrend day. On 30m & 5m chart, you draw out support & resistance levels. Current price is at the middle.
You already have a good pattern price that has recenty formed a possible swing low.
You checked the ATR levels at 1.25.
You set the ATRSL (ATR + $1 SL, then the ATRTP (1 ATR). (Here you forgot to put the 2nd level ATRTP...is it even necessary?)
The price moves slowly.. Threatening to touch but did not and price move slowly towards ATRTP.
After a time, price still did not touch ATRTP or ATRSL. But moving towards ATRTP.
This means new buyers are entering the markets.
You can find new patterns and ATR levels after a while.
You can enter new positions now or increase/decrease your ATRTP levels now.
At the ATRTP, price can either reverse or continue. It depends on the price action most recently after you have entered the position. If there are obvious targets of ATRTP and S&R, price will go on. It is better to set the ATRTP level as it is difficult to catch sudden jumps in price that is only few seconds...
