How i read the price action of the rainbow, this is from todays NY afternoon session...
This is using NT, gain feed & tic chart.
I like to look at the rainbow like stairs so in this example
-the white dots show the price stepping down and stepping up stepping up
-the arrows indicate entries
-and the red diamonds would be the stop loss. so a break of the area where the red diamond is located and I would exit. I hope this helps someone a little bit.
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