I'm trying to grasp how to enter a trade (ignoring stops and targets, just entering). Once the chart is down to 1 hour and the latest intraday trading range (long/short/pivot) is defined, the goal is to trade a break from the box once price finds its way inside....I think....so I'm wondering how to define a proper break from this "trading range" box since there are all kinds of little spikes up and down from it before there is a valid exit. Is there a way to filter when price does break from the box and it's time to get in?
And if price doesn't return to the intraday box but causes a peak or valley elsewhere, creating the lime swing trading box, is the goal now to trade the break from the lime box, or to wait for price to get back to the intraday box? And same situation, there's spikes all around the box that could cause what appears to be many false trades. I'm sure there' s lots I don't know about how to properly use the system yet so I thought I'd express where most of my confusion lies right now and see if anyone can clarify.
And if price doesn't return to the intraday box but causes a peak or valley elsewhere, creating the lime swing trading box, is the goal now to trade the break from the lime box, or to wait for price to get back to the intraday box? And same situation, there's spikes all around the box that could cause what appears to be many false trades. I'm sure there' s lots I don't know about how to properly use the system yet so I thought I'd express where most of my confusion lies right now and see if anyone can clarify.
"Support and Resistance either holds or it doesn't."
-Anonymous hillbilly