Step by Step Finding the Best Entry Point

The entry point is the level or price at which a trader enters a trade (buy or sell). Determining entry points can be tricky for traders because of the many variable inputs that move the forex market. Therefore, this article will discuss step by step finding the best entry point. How's the step by step? Listen below:

Use Multiple Reasons or Grounds

In finding entry points do not use 1 basis or reason. For example, when a doji candle or harami candle pattern is formed, most people only think of that candle pattern, then when the candle pattern appears suddenly after that the entry will reverse because it only relies on or uses one candle. So, don't use one basis, use multiple or multiple reasons.

Use Key Level Area

The second thing in finding entry points is to always pay attention to key level areas. Areas of key support resistance or retracement levels. These key levels will accelerate price movements and increase volatility when prices touch these levels. Since the extremes of the bars on the daily timeframe create certain key levels it makes sense to draw a chart right along the highs and lows of the price. Usually the key levels on the chart are identified by support and resistance lines, which act as price barriers when they reach an upper or lower limit. A support level is a price line where the market is having a hard time breaking below, which signals that buyers may rejoin the market if the price falls to a major support level. Resistance levels are very similar to support levels, only that they form upwards and signal price levels at which the market is having a hard time breaking above. When the price reaches a key resistance level, sellers can immediately enter the market and help send the price further lower.

Waiting for Price to Form a Structure That Can Represent Great Momentum

The last thing a trader can do is wait for price movements or wait for prices to trigger and form a structure. Where the structure can represent great momentum. Using breakouts as entry signals is one of the most widely used tools to enter a trade. Trading with a breakout involves identifying key levels and using them as markers to enter a trade. Price action skills are the key to success using a breakout strategy. The basis of a breakout trading consists of a forex price moving beyond a restricted support or resistance level.

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