Hi guys, I was trading the same wedge earlier today, but I got out before fake breakout stopped out a lot of shorts. But now that the price is back in the wedge territory, I think we will see continuation in price decline. So conditions for this set up will remain the same as in my previous post. What I am looking for is for the wedge resistance or support line to get broken before entering. If resistance is broken first, I will assume that it is a fake breakout and I would like for the green candle to close above resistance (or very close to it), and enter the trade after first red candle forms. If support is broken first, then I will buy some "red color options" when red candle closes bellow it. So, as soon as one of my conditions are met, I will buy some red candle options (max 10) . My rules are the same as before:
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Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
If you have questions about candle color options or wish to discuss trading strategies in real time, join - candle color options - chat, right here on tradingview.
Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
Trade active
So, red candle crossed and closed bellow support line, now I will start buying "red" option on every consecutive candle (max 10).
Trade closed: target reached
It was a decent session, I placed 10 trades on a red candle and was right on 6 of them. In other words, I had 6 winning and 4 losing trades. Since color options pay 100% profit on winning trades, I made 200% profit on my initial trade amount.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.