This is the sort of setup that will make your week, month, or even your year.
You know when you just "know" a setup is going to work?
Well, I'd like to stop "just knowing" and actually define this. Because this is the sort of thing, if you traded exclusively, you'd have ridiculous W% and R stats, and crazy growth.
Here's why this setup is GRADE A+:
It's really a fantastic setup. Study it, use it.
You know when you just "know" a setup is going to work?
Well, I'd like to stop "just knowing" and actually define this. Because this is the sort of thing, if you traded exclusively, you'd have ridiculous W% and R stats, and crazy growth.
Here's why this setup is GRADE A+:
- There's an overall, big picture bias. In this case, the D1 looks very heavy.
There's nothing that happens premarket to challenge that idea. Instead, the premarket action helps strengthen the bias. In this case, it's a wedge against the level we're looking at. Price has floated down to a level that's been tested twice and never really altered.
AT THE OPEN...Price forms a clear range within the 1m range. Price breaks out up (against our bias), but quickly traps longs and closes back down into the rage and quickly collapses.
That's SUCH a significant trap that it breaks past the low of premarket (the most important level) and straight to low of prior session. Prior lows COULD have been a great level for longs. BUT, as soon as the prior session lows were accepted, price was only going one way (and not chopping).
It's really a fantastic setup. Study it, use it.