GO TO THE LAST POST AND CHECK THE TRADES POSTED 465 PIPS PROFIT IN ONE DAY WITH THE UPDATED METHOD
I have added some updates to the trading method to give some very nice results.
First of all this method is a trend trading method
The trades will be from a new trend forming or from a retracement in an established trend.
All markets move in waves, cycles and trends or whatever you want to call them, all markets are fractal ,this means that a wave is made from smaller waves and can be part of a larger wave.
An up-wave is a series of price bars making higher highs and higher lows and preferably higher closes
A down-wave is a series of price bars making lower highs and lower lows and prefarably lower closes.
A trend is a series of waves either making higher highs and higher lows or lower highs and lower lows.
The algorithm used clearly defines a new trend developing and various waves on any timeframe chosen to trade.
Not all trends should be traded , all waves can contain a trend and that trend and wave may be moving counter to a higher degree wave.
Using 3 timeframes
We look for a new trend forming, that trend should be confirmed as a wave on the next higher degree chart from here the trend and wave we are trading need to be moving in the same direction as the next higher degree chart.
If the trend is already established and the entry point was missed then entries from any retracement can be taken but the procedure to establish the direction must be followed as before.
All entries must be either.
1. On the break into new trend
2. If trading from a retracement then the prior swing high/low must be broken.
STOPS
1. On the break of a new trend ,the stop goes above the prior swing/high low as indicated by the algorithm.
2. When entering from a retracement the stop again goes above the prior swing low/high as indicated by the algorithm.
Exits
Discussed on the course.
Trades.
I will be posting trade set ups as they occur, form the 60 and 240 minute chart only, please remember that a trade set up may change up until the point of the break of the entry levels needed and i shall do my best to update as soon as possible.
nicholas