I noticed there was a little confusin over what Feb is trying to explain. I am not at all trying to steal your thunder Feb just offering my 2 cents on my entry style. I am a bit more conservative with my entries. I do not like to fight the power (the trend) so I go with the flow and enter on the most basic of all formations 1-2-3. Trend continuation. This is what Feb has been advocating here along with using price action. Follow the trend and let the market prove itself and show you entry areas and exit criteria based on price action.
I have marked up the GBP/USD with 1-2-3 points and where my entry and stops had gone. There was 332 pips in between the first enry and the last possible entry. You could have added on to your positins as the market continued to move in your direction.
I did not cherry pick this picture this is the current market condition and this is how I trade part of my system.
If you don't understand these formations and how to use them find a good book like Pring on Price Action or something and study it until you can spot these things in your sleep.
It's not magic folks just look at the charts it's right in front of you.
Hope this helps someone a little.
Nice thread Feb!
Trader_V
I have marked up the GBP/USD with 1-2-3 points and where my entry and stops had gone. There was 332 pips in between the first enry and the last possible entry. You could have added on to your positins as the market continued to move in your direction.
I did not cherry pick this picture this is the current market condition and this is how I trade part of my system.
If you don't understand these formations and how to use them find a good book like Pring on Price Action or something and study it until you can spot these things in your sleep.
It's not magic folks just look at the charts it's right in front of you.
Hope this helps someone a little.
Nice thread Feb!
Trader_V
Nothing is impossible, with a willing mind!