I received an email from Lei who wrote:
Hi Mario. When is the best time to enter a position at the support or resistance level? Should it be 10 pips before or after it passes support levels? Thank you!
Based on your question, I assume you are talking about trading a breakout from a range that has an obvious support or resistance.
Exactly when you enter your trade position is entirely up to you. It can be 10 pips before the breakout or 10 pips after the breakout. The important thing is that follow your trading plan. If your trading plan dictates entering your trade positions only after the price closes at least 10 pips from the support or resistance, then that is what you should do.
I personally prefer to be reactive than proactive. To trade a breakout, I prefer to see the price close above the resistance before going Long. Conversely, I prefer to see the price close below the support before going Short.
To your success as a profitable trader,
Mario
P.S. Ask me your most burning Forex question today!
Want to stay up to date with all of my answers?
Click here to subscribe by email
Click here to subscribe by RSS
Get FREE 1-on-1 coaching by Mario's team
with your FXPRIMUS Live Account:
