All of us want the price action to follow the direction of our trade but that doesn't happen always. The price action has a natural tendency to move up and down; build ranges and develop patterns. Most of the ranges and patterns are like whipsaws and many traders stuck in these situations and lose money. The most effective ways to deal with such a price action is patience and a better strategy. When I say better strategy that means the one which keeps you ahead of the others.
In this backdrop, I have tried to spot better entry points in case the price action builds a range after a nice up move and we are visualizing a potential breakout on upside. The basic principle behind the strategy is to "Buy at the low and Sell at the high". It should be noted that the entry spots can not guarantee sure win but surely minimize our risk and increase the chances of reward. After an entry, stops can be placed either below the range or below the prior swing low -- whichever suits the situation.
Same strategy can be applied, in opposite direction, in case the overall trend is down and we visualize a potential breakdown after a range.
Notes on the chart.
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