Hi AlistairC and all, thanks to Alistair for starting this thread. This takes me back to my beginnings in trading and it's refreshing to revisit some simple yet powerful strategies.
I've read through most of the pages, and one website Alistair shared was an article on The Floor Trader Trading System (sorry I can't find it now), but that article describes 3 Levels of trade entries, which I thought was really helpful. I'll attach a chart to help illustrate. Basically the concept is if price retraces deeply back to/into/slightly past the 20 EMA, that provides a potential Level 1 Entry. If price retraces to just touching the 9 EMA, that provides a potential Level 2 Entry. If price pulls back but does not touch the 9 EMA (meaning it's a small pullback/retracement), that provides a potential Level 3 Entry. Each have their merit/strengths/weaknesses in different situations, but I thought it helpful to me at least to think of the amount of pullbacks in 3 different categories.
Chart attached.
MantisClaw
I've read through most of the pages, and one website Alistair shared was an article on The Floor Trader Trading System (sorry I can't find it now), but that article describes 3 Levels of trade entries, which I thought was really helpful. I'll attach a chart to help illustrate. Basically the concept is if price retraces deeply back to/into/slightly past the 20 EMA, that provides a potential Level 1 Entry. If price retraces to just touching the 9 EMA, that provides a potential Level 2 Entry. If price pulls back but does not touch the 9 EMA (meaning it's a small pullback/retracement), that provides a potential Level 3 Entry. Each have their merit/strengths/weaknesses in different situations, but I thought it helpful to me at least to think of the amount of pullbacks in 3 different categories.
Chart attached.
MantisClaw
We don't see things as they are; we see things as we are. MantisClaw
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