A trader explains how he made $600K trading the Asian market open by spotting when price hits an apex level on high volume, fails to break through, then re-tests it as support. He enters short-term trades on a 30-second chart targeting a 1:5 risk-reward ratio within minutes.
This trader, I've seen him take a 30-second timeframe trade and achieve a 1:5 in like 3-4 minutes. Where's best to begin?
What I want to see when the market opens in Asia, I want to see what was going to do. And the first thing, it opens with a huge volume down. It tried to go up and then look, look what's happening. Check where it's reacting. Our previous support now acting as a resistance. This is what I call an apex. So the price tried, but it didn't have the volume enough to go over the area. And then it went all the way down here. The price tries to go up and then it encounters this area. And this area as well, you can see that this area also was acting as a resistance and then it acts as a support, didn't go through, and it breaks down. It retests the area and that's when I want to see the reaction.
