Disliked{quote} Quick question mike. Lets say I'm in a trade and it's approaching a BRN, would the best option be to cash in and wait to see if price retraces or should I just hold and wait for it to break resistance?Ignored
Not the answer you might be hoping for but it completely depends on the situation. How relevant has that BRN been in the long and short term, what is the overall trade plan etc.
This is what trips up the most amount of people and why successful traders are hard to find because each situation is unique and it's hard to find a blanketed statement to apply to all situations.
I will always take note that if a BRN is just ahead and possibly completely avoid the trade or look to see how price reacts at this area. But again the situation will dictate that. For example the usd/cad small pinbar. If one wanted to trade that they could it is a pinbar off nice support. But trading that pin into the BRN is clearly the first and very major trouble area. I'd recommend getting to b/e or taking profit in a situation like that.
If you have some specific examples I could be more specific for you
Best
Mike