I used to hear this a lot while in the trading rooms – but is this true? And if so, what trading strategy would have worked and what did I do?

Other than the 3Min Bolli at RES 1, which must be taken, the best strategy all day is to look for buy levels – the market is extended but ranging so I don’t want to be looking at break outs. In this case, the buy levels were 23.6% intraday, 50% of last trend move and daily cash chart 21MA

In these conditions, it’s much better to use orders at high probability levels than to sit in front of the screen with declining discipline. The thought process is: where is best place to buy or sell assuming that these conditions will continue?

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