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Today we start off with a quiz about why Clay placed a resistance line + any bonuses. Clay also discusses the importance (or lack thereof) of news.
We then take a look at PI and start on the daily to get a thesis for shorter term trades. We see a nice wolf candle at a key moving average. Then we drop to the 30 minute and discover a descending triangle. We set up a trade plan based on this time frame and after setting our stop, entry and target, we scroll the chart to reveal how the trade would have played out. While it doesn’t reach our initial target, we still traded it for a gain. Not all trades are home runs but this was a great example on how we can use the daily to form a bias to trade on a shorter time frame.