Contrary to most trade setups with static support and resistance, my system has a dynamic support/resistance based on directional indicator and volume*. The first breakout at angle needs to be supported by volume or else it has a high probability of failure. Here we see
AVTR
on the 3 day chart. I want to see a test of the resistance line backed by momentum and volume before adding to my position.
*A volume oscillator that combines concepts from both Chakin Money Flow and On Balance Volume
AVTR
on the 3 day chart. I want to see a test of the resistance line backed by momentum and volume before adding to my position. *A volume oscillator that combines concepts from both Chakin Money Flow and On Balance Volume
Trade closed manually:
Update: Closed position at breakeven. Overall market has turned slighly bearish so whilst the long trade is still in play will wait for further development to play out