Whats the deal with the 50 and 00 level target levels?
People often ask me why I pick these 2 levels as my initial targets in many of my trades. The answer is that the markets pay a lot of attention to these levels especially in the short term. Since many traders always tend to put stops and take profit orders around these levels, it can often trigger a sharp continuation or a sharp bounce. This is why I pay close attention to my trades once they reach these levels. If momentum continues in my favor, I ride the wave. If I start to see a bounce…I’m OUT!
