Grey1
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What is a pull back ?
One of the most important rules in trend trading is to recognise the top of the trend and to avoid it .. We obviously don't want to be the No1 Prat who buys right at the top..
Experienced traders tell you to buy the second pull back from high .. The term pull back is used by most traders but ask them what they mean and you get 1001 different answer..
To explain what a pull back ( retracement ) is :-
Some use fib retracements
Some use an OB/OS oscillators .
Some use Elliot waves ...
Some watch Level2 for major turn in volume ..
Some use Adhoc level or just wait to see a bar opening in the trend direction to take a position ..
My question from you all is ..
What is the best way to gauge the pull back and why ?
PS:-- remember MM don't not use Moving averages or RSI or Fib Levels and stuff like that .. All they watch is HIGH LOW and VWAP .... These levels are crucial for MM's .. Specially VWAP..
One of the most important rules in trend trading is to recognise the top of the trend and to avoid it .. We obviously don't want to be the No1 Prat who buys right at the top..
Experienced traders tell you to buy the second pull back from high .. The term pull back is used by most traders but ask them what they mean and you get 1001 different answer..
To explain what a pull back ( retracement ) is :-
Some use fib retracements
Some use an OB/OS oscillators .
Some use Elliot waves ...
Some watch Level2 for major turn in volume ..
Some use Adhoc level or just wait to see a bar opening in the trend direction to take a position ..
My question from you all is ..
What is the best way to gauge the pull back and why ?
PS:-- remember MM don't not use Moving averages or RSI or Fib Levels and stuff like that .. All they watch is HIGH LOW and VWAP .... These levels are crucial for MM's .. Specially VWAP..