Price action trading system |How to Use Daily Open as a Support and Resistance Level for Profitable Trading
Are you tired of complex trading strategies that require endless hours of analysis and monitoring? If so, the Daily Open strategy might be just what you need. In this video, we will explore how to use the Daily Open as a support and resistance level for your trading decisions The Daily Open strategy involves waiting for a daily open and then observing the price movement. If the price goes up after the daily open, the place where the day opened becomes a support level. If the price goes down after the daily open, the place where the day opened becomes a resistance level. In this video, we will examine a 30-minute EUR/USD chart with two intraday reactions that demonstrate the effectiveness of this strategy. Although the Daily Open strategy should not be used as a standalone strategy, it can be an excellent confirmation tool when combined with other volume-based strategies. The more signals and confirmations there are, the better your trading decisions will be.