DislikedIt can be a little more simplified by this:
If the Intraday movement is bullish your looking for a retracement to bounce from the Intraday inner levels 38.2, 50, 61.8 (Short,Pivot,Long)
If the Intraday movement is bearish your looking for a retracement to be rejected from the Intraday's inner levels.
If the Intraday movement is bullish and the retracement breaks through all 3 Inner support levels your looking to scalp a short position since price has not shown to be a rejection yet from resistance levels, a rejection from resistance levels on the next waveform is a reversal signal.
If the Intraday movement is bearish and the retracement breaks all 3 inner resistance levels you looking to scalp long until price is shown to bounce from support levels on the next waveform and it has reversed.
When applying this logic, check for the major support and resistance levels from the larger timeframes that may interfere with the direction your trading.Ignored
1)Just a couple of questions regarding your trading plan.
When the intraday movement is bearish and the retracement breaks all 3 inner resistance level we can scalp long . With scalp you probably mean that the profit target is swing fib target but what about entry when scalping . Is the entry still based on break of long fib?
2) We scalp long until price is shown to bounce from support levels on the next waveform. With support levels here ,do you mean the same levels which were broken on the way up(intraday)?