Idea: Testing strategy against the retrace using OBOS and stacking related time frames. I am expecting the retrace to have reached its lowest price limit and price to return to the daily up trend.
Pros: Perfecting the entry will maximize the profits from the previous leg down. Accurately predicting retracement lows could also be useful for early entry until stronger signals for further buying are evident. If this is an accurate measure of the low it could hold the whole daily trend move back up.
Cons: The stop has to survive Monday's open & UK election hysteria. Further strong downward pressure will whipsaw the trade. My previous retracement strategies are always too early.
DISCLAIMER:
I am a rookie. This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.
Pros: Perfecting the entry will maximize the profits from the previous leg down. Accurately predicting retracement lows could also be useful for early entry until stronger signals for further buying are evident. If this is an accurate measure of the low it could hold the whole daily trend move back up.
Cons: The stop has to survive Monday's open & UK election hysteria. Further strong downward pressure will whipsaw the trade. My previous retracement strategies are always too early.
DISCLAIMER:
I am a rookie. This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.