Good Morning Seller9
Here are a couple more trades I have taken this week. I have changed the template to Davit's so there is continuity to his trading system and it is easier for everyone to follow. I will put down the steps I follow to take a trade. The must have steps and the optional ones that support my decision.
1. Bounce off of a weekly pivot, price moves close to the pivot and bounces back (I will look at any pivot line with good price action, Davit doesn't like lines above 100. But I am trading 4 hr not 30 minute)
2. Price action moves away from the pivot line with a candle stick pattern like morning star, mother son or engulfing candle stick.
3. TDI RT Clone are crossing and moving out of over-bought/over-sold area. (this makes your percentage of winners go way way up I have found)
The rest are things I look at that support my decision and do not make or break it.
4. Trade is in direction of one or both of daily or weekly
5. ADR has not traveled over 50% of it daily movement
I have put a red vertical line one the candle that I place the trade on after the candle closed. I have also place a arrow in the direction of the trade. A more conservative trade would be on the candle I placed a black vertical line if I where using Kevin's price action strategy to take the trade. I put the stop loss back to where I have placed it when I took the trade. I have moved it up to protect my profits after the trade moved enough and I will keep moving it up like a trailing stop but manually.
Cheers
Here are a couple more trades I have taken this week. I have changed the template to Davit's so there is continuity to his trading system and it is easier for everyone to follow. I will put down the steps I follow to take a trade. The must have steps and the optional ones that support my decision.
1. Bounce off of a weekly pivot, price moves close to the pivot and bounces back (I will look at any pivot line with good price action, Davit doesn't like lines above 100. But I am trading 4 hr not 30 minute)
2. Price action moves away from the pivot line with a candle stick pattern like morning star, mother son or engulfing candle stick.
3. TDI RT Clone are crossing and moving out of over-bought/over-sold area. (this makes your percentage of winners go way way up I have found)
The rest are things I look at that support my decision and do not make or break it.
4. Trade is in direction of one or both of daily or weekly
5. ADR has not traveled over 50% of it daily movement
I have put a red vertical line one the candle that I place the trade on after the candle closed. I have also place a arrow in the direction of the trade. A more conservative trade would be on the candle I placed a black vertical line if I where using Kevin's price action strategy to take the trade. I put the stop loss back to where I have placed it when I took the trade. I have moved it up to protect my profits after the trade moved enough and I will keep moving it up like a trailing stop but manually.
Cheers
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