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Soultrader, sounds like you're comfortable entering a trade when there is a cluster of support/resistance levels, such as MP levels and pivots. How often do you enter like this without reading the tape? I think for position trading, identifying clusters in a longer-term timeframe may give me the confidence to enter trades without monitoring the market in real-time. |
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As you may know I rely on the tape heavily. Entering at a key level without any confirmation is definitely a rare case. But I tend to place great important in certain key levels and I would try to enter once price reaches it.
Not usually a limit order before price gets there since in most occassions the markets give you time to enter. But I would enter as price tests it and then a few ticks below the test. I dont do this for pivots for MP levels but major support and resistance points on the daily charts. I feel confident at these levels because I expect the longer-time frame participants to be looking at the same level and will step in. Usually more right than wrong.