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Originally Posted by psytrader
wait for the spike,...and hit it on the comeback
PSY
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If you do this (and I personally often have) it's important to have a tech level in mind beforehand. Then watch to see if the market is respecting your level. I find those are the situations where this tactic works best. Typical sorts of things to use are major moving averages on hourly charts etc etc. Those are the sorts of things that the bank spot desks will use, and also the short term prop fund types will use these sorts of things for timing, if not for actual entry / exit decisions themselves.
My other tip is to always watch usd/chf. It almost always serves as a good signal fo the other majors.
GJ