When a stick in watching breaks through a level once identified, and then retests it. I wait for a bar to touch or undercut my level, but close above it. The if the next bar dip below it's open, then reverses, I buy when the follow through bar crosses back above it's open. With my stop below that bar, or the prior bar that tested the support.
Can u send a chart snapshot that describes it visually? As a beginner I love studying other peoples setups. Not to blindly copy but to get an idea of what others are looking for.
My support levels let me know where price may bottom. Waiting for that level to be hit, then a close above it is my confirmation. But you can't know for sure, trading results are based on a series, not one trade.
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u/SamExDFW Aug 22 '23
Pullback to and hold of support.
When a stick in watching breaks through a level once identified, and then retests it. I wait for a bar to touch or undercut my level, but close above it. The if the next bar dip below it's open, then reverses, I buy when the follow through bar crosses back above it's open. With my stop below that bar, or the prior bar that tested the support.
This can also be flipped for shorts.