Yesterday, I identified a supply zone from Monday on the 2K volume chart. Price did reverse at the bottom of the zone yesterday afternoon for around 120 ticks, but when it came back this morning, we had basing just under the supply zone and a breakout with RPM bars invalidating the trade. Gold continued on the up move it has been on since Wednesday.
So this is the the reason, as an Intraday trader I do not have set and forget, as I need to see price action before taking a trade. And if I had been around at the time that price entered the supply zone, then I would have declined it, as it was invalidated by the basing and RPM breakout. This is one of the things Sam Seiden teaches in the OTA.
No comments:
Post a Comment