Hello Traders
Positioning around key price levels. What many traders call the premeditated aspect of trading.
Here we have three different long orders placed around Fib. levels that also happen to be confluent with other major price levels.
The tactical positioning of the orders can play a major role on the efficiency of each trade so you need to play out every scenario of how things may happen:
Scenario 1: Trade one gets filled at the first fib. retracement and hit target (best case)
Scenario 2: Trade one gets filled and hits stop loss. Trade two gets filled at the second fib. retracement and hits target
Scenario 3: Trade one gets filled and hits stop loss, trade two gets filled and hits stop loss trade three gets filled at previous support and hits target
Scenario 4: All trades hit stop loss (worst case)
Trade safe Trade well
Positioning around key price levels. What many traders call the premeditated aspect of trading.
Here we have three different long orders placed around Fib. levels that also happen to be confluent with other major price levels.
The tactical positioning of the orders can play a major role on the efficiency of each trade so you need to play out every scenario of how things may happen:
Scenario 1: Trade one gets filled at the first fib. retracement and hit target (best case)
Scenario 2: Trade one gets filled and hits stop loss. Trade two gets filled at the second fib. retracement and hits target
Scenario 3: Trade one gets filled and hits stop loss, trade two gets filled and hits stop loss trade three gets filled at previous support and hits target
Scenario 4: All trades hit stop loss (worst case)
Trade safe Trade well
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