The way Im looking at it is, NQ is at a resistance level if it breaks and retest the prior level I have the potential opportunity of taking longs. But, if the resistance holds at NY open I could potentially take shorts depending on how Price Action is holding up. I dont like taking longs if it automatically breaks out. What I do, is if I am trying to go short i like to see price action attempt to break out and fail, creating a doji candle at the breakout failure. For entering longs i like to see a breakdown failure and also create a doji towards the bottom to make a visual representation of the failure. With this, there have been moments where the breakout/breakdown continues and get stopped out and the move continues. I have to practice and learn to accept the stop loss and not revenge trade (easier said than done)
Comments (0)