Disliked{quote} Mike, Was this your logic behind the ymz4 trade entry? -price crashes down and closes below the ppz and the trendline -place a lmt sell order at 38 -50% fib retrace of the bearish bar that closed below the trendline? Thanks, NIgnored
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Well it really played out perfect in that I took profit, price then bounced which I bought in at that area.(which was the second touch trade I posted) and then it broke the daily beob and broke out to the major trouble area(my target of the 3rd touch trade in reference to your question).
So you can see really that it's all about finding this critical area on the chart. A lot of times it's the area where price can go BOTH ways. So you want that extra piece of information to get in. Be it PA, or touch trading etc. It's all the same thing it's just how you go about getting the last few pieces to construct a trade plan
Best
Mike