DislikedI am happy someone else has identified and is having success with this setup. What you have described is essentially my mainstay trading strategy, I have looked at hundreds of ways to trade and this particular pattern is the only thing I am comfortable with for now (EUR/USD only). They are small to medium head and shoulders patterns at decent SR zones, I play them by getting in at near the top of the second shoulder with a limit order instead of waiting for the break. There are a few nuances to weeding out the poor ones but it is not too difficult...Ignored
Here's something from Billy Ray Valentine that I've been reading every moring before I start trading that helps me to keep an emotion free day...win or lose:
·Is the trade in line with the fundamental/technical trend?
·Are ALL of my conditions for entering the trade being met?
·If I am fading a level, is momentum too strong/price leading up to it too steep? Should I look to buy a breakout of the level instead?
·Is the setup clear and definable to the majority of traders across the world?
·Am I taking this trade because its clearly a high probability trade / the best of the best?
·I’m not taking this trade based on a “hunch”, am I?
·Am I taking this trade because I am bored, anxious, or haven’t taken any other trades all day and are “forcing” the trade?
·Am I taking this trade only because it looks to be simply “oversold” or “overbought”?
·How is my confidence level on this trade? Am I overly worried about taking it?
·What am I going to do if the trade goes against me? Am I going to reverse the postion and buy a breakout/fade it or just take the loss?
·Do I have a clearly defined profit target?
·Do I know how much I am willing to risk on the trade?
·Does my risk:reward ratio work out in line with my long-term money management plan?
He trades 1 hour bars and also uses trend lines so some of the stuff may not apply to our methods but most of the things are good food for thought.
Regards,
Balance in Everything
