Quick Question

ForexProdigee

Junior member
47 0
When you see price approach Resistance/Support, on the daily, what would it take for you enter? I enter on a rejection on the daily but of recent I've been losing due to rejection, followed by an aggressive move one way then the other. By the end, im on the sidelines anticipating entering and losing again. I feel its psychological but also the uncertainty in the markets nowadays.
 

wackypete2

Legendary member
10,229 2,054
Wait for price to cross through the S/R level then reverse back to the other side. This is no sure thing of course but it will filter out some of the moves you are describing. Too many traders have stops just on the other side of those zones and the banks and large dealers know this. They will "pop" the price through these zones to stop the retail traders out then return back to the other side. From what you are describing this is what's happening to you.

Peter
 

justtrader

Well-known member
470 71
When you see price approach Resistance/Support, on the daily, what would it take for you enter? I enter on a rejection on the daily but of recent I've been losing due to rejection, followed by an aggressive move one way then the other. By the end, im on the sidelines anticipating entering and losing again. I feel its psychological but also the uncertainty in the markets nowadays.

One way that I find useful, is to wait for a rejection just below a major resistance level, wait for at least an hour, for the next candle to test the new rejection level ,which is now just below the major rejection and enter with a tight stop, just above the new rejection level.
A classic example was the recent rejection on cable.
If you need me to elaborate further let me know will try to explain furher.
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock