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Entry and Stop placement on Trend continuation patterns Hi fellows, Many people was requesting entry and stop placement on trend continuation patterns so i decided to post this stuff so that they can understand how we place trade based on trend continuation patterns Using following trading strategies These trading strategies have a one condition and that is there must be an impulse before placing trade on trend continuation patterns. So following reasons must be fulfilled before placing trade on trend continuation patterns 1. There must be an impulse on left side of your chart either bearish or bullish. 2. Risk taking entry or entry before breakout. you can place trade on trend continuation patterns before it breaks to the direction of your previous trend but this strategy also has a condition and that is your Oscillators must show you overbought or oversold conditions which means that price is about to breakout of the direction of your previous trend also you can use your Fib lines for risk taking entry but remember every time your Fib lines gonna vary some time you gonna get entry on 618 or some time your gonna get entry on 50 percent of your previous trend so it vary all the time. After placing trade you can place your stop loss just behind the trend continuation pattern as you can see in the example. You can set your target using your Fib lines. You also can see target example on the chart. Conditions: (i) Oscillators Overbought or Oversold conditions. (ii) You can use Fib lines so that you can get the idea about the Retracement of your previous trend. 3. Risk adverse entry or Entry after breakout. This strategy simply based on breakout. You can place your trade based on breakout of your trend continuation Patterns and can place your stop loss just behind the pattern. Risk taking entry has high risk and high potential but less probability because breakout has not confirmed and price can stop you out and then can continue with the direction of previous trend but entry on breakout has less risk and has high probability as with compare to the risk taking entry. In case price do not continue with the previous trend then you can close your trade on break even because you rely on breakout and breakout has confirmed but pattern has changed itself. You can use same stop loss for both strategies. For further information please look at the chart. These are my trading strategies on trend continuation patterns. So please If you have better than this strategies on trend continuation patterns so please share your one rather than criticising negatively. I hope this will help lot of people in their trading. Also these are my own thoughts you have full right to agree or disagree.
Education
by Wave-Trader
41
EURAUD: Reviewing The Tape (Education not a trade idea)I've already written my "Trading Recap" blog post for today but I wanted to share something with you guys. For you guys that have been following along with my blog you know that I've been working on an article looking at professional athletes and professional traders. One of my main comparisons is the amount of preparation and review that both do. Just like Peyton Manning or Tom Brady do after every game, after each trading day I review the tape, meaning that I go back through my trading day and critique myself. After all, in this industry we are our own bosses so if we don't do it who will? Last night I posted a trade looking for a potential breakout to the upside on EURAUD, although we did test the highs of our previous structure level we never got the break that I was looking for and it ended up being a scratch trade (breakeven). This morning in our Warroom meeting Jason Stapleton fired off 2618 idea for this same pair. (I'll attach a link to the FREE 2618 training at the bottom of this post). In the live room we ended up finding a bearish Cypher at the same level and ended up getting short as well. After banking some good pips, I spend the rest of our session going through the rest of my portfolio and basically but this pair on the back burner. BIG MISTAKE, if only i would have paid more attention to it, i would have seen that IF our 2618 setup were to rally to 2nd targets THEN we'd also have a Bat pattern completion which we plant a stop & reverse at. So yeah I left a few pips on the board today but the important part is that I was able to identify my mistake and turn it into a learning experience. For those who don't take the time to review their day, well that mistake may continue to be a future mistake. Thanks for taking the time to read this and I'll see you next week at the Technical Trader Workshop!!! FREE 2618 Training Lesson: www.youtube.com 2015 FREE Technical Trader Workshop: promos.tradeempowered.com
Education
by Akil_Stokes
10