First step: Identify trend.
Price is obviously in an uptrend locally. This can be seen by price making higher highs and higher lows every day.
Step 2: Wait for the New York initial balance to form in order to make an educated discission.
You can see the IB form, which is the A and B blocks. After the IB is formed CDE bocks formed a failed auction below the IB. A failed auction indicates trapped traders below the IB low, that were trying to short the breakdown.
Step 3: Look for confluence to support your trade idea.
You can see just below the IB we have the daily POC + VAL and a local golden pocket.
So along with the failed auction of the low, we also tapped into 3 other support levels.
Step 4: Enter your trade.
Unfortunately, I can't show any time frame lower than 15mins bc of Tradingview's rules.
But you can still see how I entered. It is simple, I wait for a 15min close back inside of the IB. Then I go on the 1min chart and look to see if the 1min trend is shifting in my favor. Id both of those criteria are met then I will enter my trade on the backtest of the IB.
Step 2: Wait for the New York initial balance to form in order to make an educated discission.
Step 3: Look for confluence to support your trade idea.
So along with the failed auction of the low, we also tapped into 3 other support levels.
Step 4: Enter your trade.
But you can still see how I entered. It is simple, I wait for a 15min close back inside of the IB. Then I go on the 1min chart and look to see if the 1min trend is shifting in my favor. Id both of those criteria are met then I will enter my trade on the backtest of the IB.