Silver chart 9.30am EST on Friday. We have the algorithmic signal on the daily. If and how you participate in an opportunity like this should be defined well in advance, based on careful consideration and testing, in your trading plan.
If you choose to participate:
You may choose to enter on the close of the bar on the daily, and not worry about the details. Note that if the bar is large, you may not get the best entry price, since price may retrace in today’s session to within yesterday’s range.
Or you may want to wait for a pullback on a smaller chart, in order to get a better price. In this case your entry may end up entering within yesterday’s range. Or maybe not, if the next LTF trigger is above yesterday’s close.
For further study and comtemplation, google "ways to enter a pullback trade site: remek.ca" to see past blog posts on this subject.
Always remember, trading is a marathon, a risk management game played over time, and the law of large numbers apply.
This trade is a trade like any other: it may hit the target first, or it may hit our stop first. Its outcome will depend on what those people will do who entered after us.
