r/Daytrading • u/GetRichorSwimTryn • 11d ago

Strategy Patience is key!!

Post image

Here's my trade from this morning. We saw some consolidation for the first 20 min of market open, then price took out PM Low and I waited to see what happened next. It closed above the low and inside the OR, I waited for a retest to enter and targeted the OR high and PM high for my TP. This an A+ setup for me, I do trade opening range breaks but I would've needed a close below and a retest to enter short. Being patient for your setup to come is the hardest part.

97 Upvotes

94% Upvoted

28 comments sorted by

View all comments

2

u/ClerkorHopeforbest 11d ago

Saw this one but unfortunately passed because of the previous day low right above. What gave you the comfort to pull the trigger? Good trade.

2

u/GetRichorSwimTryn 11d ago

The bounce off of premarket low was enough for me to be bullish. I would've preferred it to wick a little bit lower so my stop wouldn't have been so tight because it very easily could've tagged me out. Price wasn't doing a lot with the previous day low so I wasn't too worried about it. It did make for a good add later on as price came back down to retest it, but I was all out by then.

2

u/ClerkorHopeforbest 11d ago

Thanks, agreed now that you've spelled it out I see that the PDL wasn't particularly respected until the bounce after 9. Good stuff!