Dislikedyou're right buddy. But i think the problem is that there are a lot of wrong 3 tap trades here, it doesnt work solid....
rules should be:
when we are in a bullish trend, we need RSI confirmation and a good entrypoint on the h4 chart, if candle touches trendline
bearish trend: vice versa
important for those 3 tap trades:
always use a very tight sl...im actually aiming for around 30 pips profit, depends on pairIgnored
Successful 3 Tap trades are analysed in a particular ORDER. All should go back and read/re-read page 1 of this thread. That order is this:
1. Scan the RSIs for confirmation of the 3 TFs. List or pay attention to only those which confirm.....forget any other pair at this time. I visually scan and do not totally rely on the indicatior, but that's up to each trader.
REMEMBER: Generally by Tuesday you will only be working within the confines of the current week (those period seperators) for the 3 Tap trade. Many of you still do not understand this.
2. THEN, go back to each listed or noted pair and look closely at it for a way to enter. Start with the H4 chart....ask yourself: "Do I see a 3 Tap pattern here?" and/or "Do I see any consolidation here?" If no to either question, move to the H1 chart and look for a way to enter there i.e. a BO.
Do this for each pair that made your short list.
This order is essential to consistent success here. Ask yourself these questions:
Q: What are we doing here?
A: We are trying to make money by trading forex.
Q: How do we do that?
A: We follow a routine in our analysis for every single trade we consider taking.
Q: What is that routine?
A: We do all of the above and in that order.
Q: Why is that important?
A: Because when we use that order of analysis, we are putting the odds of a successful trade significantly in our favor.
Q: How is that?
A: Because we start our analysis by knowing the direction we should be trading into, then we look for "signs" (taps, TLs,etc.) that further indicate to us that there will be a successful trade in that direction. If we don't find those signs, we move on....even though the 3 TFs confirm direction.
Q: Will this analysis give us successful trades every time?
A: Of course not....
But I do not know of a better system, not Elliot Wave, not Martingale, you name it....that gives us a better edge at true success.
