SPY Breakout Rule: Wait for the Candle Close Above 675
$SPDR S&P 500 ETF Trust(SPY)$ LESSON OF THE DAY (wait for confirmation):
There are 3 candles here. Only 1 is confirmation that this has reversed towards.
Which one is it? It is 3.
The first candle to CLOSE above the key level at 675. CANDLE close is confirmation, candle moving up and down is information about what is happening but it is not confirmation.
If the CANDLE doesn't close above the the KEY LEVEL its still bearish and sellers are in control. Being patient means waiting for the close. Yes, you will get a HIGHER PRICE but the probability is higher when a candle closes especially on the BIGGER time frame like 5mins or 10min.
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