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You need to have a target in mind to short at the low or long at the high....it does work.
Consider the last couple days on the indexes especially the TF for example ...I had some upside targets above the highs and because of that I could go long at/near the highs (had supporting PA).
Is it a preferred strategy ...probably not...it's better to long at the bottom but sometimes if your in and out of posistions or not holding over night you might have to enter at a high price.....
I think you know what I mean....if you have a reason (target price) to initiate a trade go ahead...if no reason and your guessing ....fagedaboudit
beware of candles with long tails, especially if they were made on news - they are likely to act as strong support/resistance
be aware that a large amount of algos are written to sell-the-new- high and buy-the new- low, and that large day-traders like to fade stops and do the same as the algos
sounds like a lot of work? It is; and it's also one of the reasons most traders fail - they are not willing to do the work that is required to be profitable
be an aware, informed, and observant trader -do your homework and you will be prepared to make the correct decision when it the opportunity presents itself
Ive been cognitive of divergence and practice in replay after market closes...I will have another shot at it soon in real...in meantime Im really honing in on it. support & resistance, im using range bars...I read thats better.