TheRumpledOne wrote:If you are using a 1 min chart, wait for the dynamic support to "push" down "hard" 3 times.
A "soft" push is when support is pushed down to a new level on a candle and down again on the next candle.
A "hard" push is when support is pushed down to a new level on a candle and stays at the same level on the next candle.
If you can wait for this, the price will usually retrace 23%, 38% or 50%.
If you like using 5 min candles, then if price going down and pushing against support, wait for the candle to close. You can trade the next candle. Wait for the price to cross the previous candle's midpoint.
You'll get a feel for this as you're trading.
Also, check the distance between support and resistance. When it is "wide" enough, you can pick up the ticks easier. Checking the distance between support and the 23% fib dot will let you know when your chances of making 5 ticks are almost a "lock".
So basically, trading a "soft" push is more or less a S/R break trade, "hard" push is a retracement trade, and the retracement trades
are higher probability to grab 5 ticks/pips or so.
If I'm understanding this correctly, maybe I can finally use the Fib S/R, instead of just the Dynamic S/R.
Thanks for the explanation