US30 15M Support/Resistance Zones Showing Great Ranging Entries.
Out of the 4 trades that I found doing live analysis on the 15Min. 3 were extremely successful wins (Green Vertical Lines) and 1 a small loss (Red Vertical Line). If you were to have taken each of these trades with 1 percent risk on your account, you would have seen a 22.78% gain from trading today alone. The first trade being successful also funds the next 6 trades with profit alone, instead of dipping into account balance. I say this because the first trade shown is a 1:6 RR winning trade.
Just thought I'd share how well these Support and Resistance Zones work when ranging, especially for US30 I can't speak for other currencies or indexes though.
Its also worth mentioning depending on entry strategies you have, this could be much less risky. One way I see achievement of a less risky entry is instead of waiting for price to hit your entry level (The Support and Resistance Zones) like shown in my screenshot, allowing price to actually push to your intended Entry or past your Intended Entry before you even set your trade and instead catch it on the Zone bounce upward or downward allowing the trade to confirm respect for these zones. You will be able to see this on a lower timeframe like the 1Min and secure a better entry with potential for a much smaller stop loss or realize it is going to the lower or higher support or resistance zone. This would have made the failed trade (Red Vertical Line Shown) much more unlikely as I wouldve known to wait until it reached the bottom of the S/R zone. Which I ended up trading anyway, however the loss was preventable.
If you find this trading opinion or analysis useful like and follow, I'd like to start posting more. Thanks.
Just thought I'd share how well these Support and Resistance Zones work when ranging, especially for US30 I can't speak for other currencies or indexes though.
Its also worth mentioning depending on entry strategies you have, this could be much less risky. One way I see achievement of a less risky entry is instead of waiting for price to hit your entry level (The Support and Resistance Zones) like shown in my screenshot, allowing price to actually push to your intended Entry or past your Intended Entry before you even set your trade and instead catch it on the Zone bounce upward or downward allowing the trade to confirm respect for these zones. You will be able to see this on a lower timeframe like the 1Min and secure a better entry with potential for a much smaller stop loss or realize it is going to the lower or higher support or resistance zone. This would have made the failed trade (Red Vertical Line Shown) much more unlikely as I wouldve known to wait until it reached the bottom of the S/R zone. Which I ended up trading anyway, however the loss was preventable.
If you find this trading opinion or analysis useful like and follow, I'd like to start posting more. Thanks.