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Adam B

Market corrections

Question

Hi

I noticed that on the videos you correctly call market tops and bottoms and then trade the corrections.

Can you tell me how you choose these areas.

Is it the traded range and support and resistance levels or the flow of money.

Regards

Adam B

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3 hours ago, Adam B said:

Hi

I noticed that on the videos you correctly call market tops and bottoms and then trade the corrections.

Can you tell me how you choose these areas.

Is it the traded range and support and resistance levels or the flow of money.

Regards

Adam B

Hi @Adam B, welcome to the community!

Usually it is not tied to a certain price or price range. It depends on the underlying activity in the market and this activity can happen on every price. For example - if something went up exponentially, then the price will probably crash down and correction will happen, the explanation of such a market behavior is here:

On the other hand, if something went down for a long time, then the move has slowed down on a typical support or resistance level and there is no will to move the price down anymore, then a swing up could happen:

What I would recommend you is to watch the market and wait for these scenarios to happen. It doesn't happen in every race so it's good to be patient, observe what is happening in the market and act only if you recognize the pattern. Does that answer your question?

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Welcome to the community, Adam.

To echo what Tomas said above - it's just a case of watching the market and you will pick up on the movements. Speaking from personal experience, it does take a lot of time and to start with, it is very daunting but you will get there.

The other bit of advice I can offer is to not try to trade for too long when you are starting out. It's very tempting to try and trade race after race but this can sometimes end up going against you. Instead, make a decision to perhaps trade 3 markets then have a break. Whilst you are in those 3 markets, make a note of what happens to each runner - remember, you don't have to enter a trade until you are confident you are going to get a good outcome. Using screen recording software is helpful here as well - being able to watch it back later can help enormously.

Best of luck with it.

Chris
 

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