KOG - Trading the Range!
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We shared this with our group to show them some tips on identifying and trading ranges. Hope it helps everyone!
When the price is in a ranging market look for data of when the price was last in its range. Example above shows we had the range, a breakout above and then a break back inside the range. Draw a box around the range and then identify the buy area and the sell area. This stops you from trading in the middle of the range and getting chopped up by the market. Always wait for the lower levels to buy and the higher levels to sell. If either level breaks, wait for the support or resistance to turn into support or resistance. This gives you an indication of potential further movement in the direction of the breakout.
With the range you will find trends and smaller support and resistance levels. Use these level to take profits, enter or exit for scalping short term. This strategy makes sure you don't get caught trading in the middle having to hold trades in drawdown.
When the price is in a ranging market look for data of when the price was last in its range. Example above shows we had the range, a breakout above and then a break back inside the range. Draw a box around the range and then identify the buy area and the sell area. This stops you from trading in the middle of the range and getting chopped up by the market. Always wait for the lower levels to buy and the higher levels to sell. If either level breaks, wait for the support or resistance to turn into support or resistance. This gives you an indication of potential further movement in the direction of the breakout.
With the range you will find trends and smaller support and resistance levels. Use these level to take profits, enter or exit for scalping short term. This strategy makes sure you don't get caught trading in the middle having to hold trades in drawdown.
Note
To add.This is an example of how we trade ranges. We are nearing the end of this range and have FOMC tomorrow so expect this to break up or down out of this range
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
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