I was going to post this trading idea last night before the breakout happened, but was concerned there may not be enough content for you all to learn from. I guess the lesson here is, if you have the knowledge and the experience, you start to know things when you see it. Pattern recognition, I suppose. We don't need indicators to understand the market.
Here we have the textbook breakout.
1. Break of trend
2. Retest the zone
3. Continue with momentum
Support and resistance isn't always horizontal lines, in fact they are zones. These zones can be dynamic or diagonal too, for example, moving averages and trend lines. What are these zones created by? Buy or sell orders, of course. The market doesn't move randomly. It's job is to fill orders. Wherever the most orders are stacked is where the market will go. That's the bank's job!
NFP this Friday. Have a great trading week, everyone!
Here we have the textbook breakout.
1. Break of trend
2. Retest the zone
3. Continue with momentum
Support and resistance isn't always horizontal lines, in fact they are zones. These zones can be dynamic or diagonal too, for example, moving averages and trend lines. What are these zones created by? Buy or sell orders, of course. The market doesn't move randomly. It's job is to fill orders. Wherever the most orders are stacked is where the market will go. That's the bank's job!
NFP this Friday. Have a great trading week, everyone!
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I took profits on this trade and am looking for re-entry reasons at 1196.00 which is the the 50% Fibonacci retracement and support zone.
