Have you considered any significant support or resistance levels that may impact the price action at your take profit level?

Trading Systems
1

Have you considered any significant support or resistance levels that may impact the price action at your take profit level?

2

Sure, It’s one strategic backbone on whether you are more likely to win than lose.

For example a S&R level for an upward trend trade is the price where losing traders close their accounts or get stopped out. Winning traders have the luxury of waiting it out.

The most important point is where you place your T/P which could be below the above price level or you wait and see if the trend is going to continue or not. Either you benefit from a lower continuation price entry level to add to your position, or you T/P and open a selling trade - the latter being for experienced reversal traders.

best of luck.

3

How are you define significant support/ resistance?

4

Ofc i do.

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5

Thank you for sharing your insights
Regarding your comment how do you typically determine the optimal placement for your take profit level? Do you rely on specific technical indicators, price patterns, or other factors to make that decision?Thank you again

6

I meant the key price levels on a chart

7

that is great
don’t you wanna share your in sight though?

8

I just try to tell you something :wink: “key price levels on a chart” could be different for each trader, even for you could be different a couple of days after your analyze.

9

You’re right! Key price levels on a chart can vary for each trader, try to learn from you thanks.

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