On my previous post I talked about what I like to see on the LT charts before I start looking for trade opportunities: the market bouncing off clear S&R levels. I got the perfect chart that explains this accurately, AUDCAD daily chart:
Its simple, once the market gets rejected from the support level, look for long opportunities until it reaches the next resistance level, on the other hand, once it get rejected from the resistance level, look for short opportunities until it reaches the next LT support level.
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