Quote:
Originally Posted by Blazed
Reason:
5700 should act like a magnet today. A break below will be difficult to get back above. Need some serious volume @ 5700 to break back above.
Why enter @ ATR? You would have left money on the table and 5700 is the solid S/R - ATR would be a safety net or a trim spot.
Entry was 5700 > stop would be 5706/07 as that was a support level yesterday. Then you have the 5712 ATR above that.
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Thanks Blazed! That makes sense. My thought process at the time was that I would now have 2 levels of support if I got in at the break+retest of the 5696 ATR (even though 5696 is a weak one, so it would represent a weaker resistance too). I see now how it would leave a lot of money on the table though. I just had it in my head wrong.