Quote:
Originally Posted by Tess
A heads up from a higher timeframe than the one you’re executing from, to adjudge whether you’re operating under trend conditions or range boundaries + any significant area or two to the left of the chart as a gauge to the potential near term destination, is about all that’s required to build a workable strategy.
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Don't underestimate the above comment my sister makes in her original post.
Folks get their feet awful tangled up when they fail to spot, plan for & execute trades according to a pairs behaviour conditions outside of the smaller timeframe radar.
Someone operating via a 5, 10 or 15 minute chart who rarely looks outside those limits for a little wider geography can come badly unstuck at a range ceiling or floor if they're unsure of the conditions.
This well defined upper-lower range boundary on the Pound/Swiss being a classic heads up.
I wonder how many novices have been spanked attempting to short this lower floor down here @ 2.0110-0145 when they ought to have been buying it. Same for the top barrier @ 2.0410-30?
Like Tessa say's, the smart operators will wait for a previous area of demand/supply to come into focus & look for signs that the novice, clueless traders are doing the exact opposite of what they should be doing.
Executing trades at these lower risk/higher reward zones is what it's all about. Forget about flogging your ass inside all the hustle & bustle where all the silly money is operating - identify the key handover levels, bide your time until price comes into view & then jump on the value trade
Work smart, not hard!!