Elite Trading Method

You'll be on dragons den next!!!

You have to enter the dragon's den to steal their cubs

Not a right time of the year to take a position. Market will remain choppy until after the holidays.

But if one wants to take a trade, here is one:

Move 1.3295 - 1.3490 - projected to 1.3683 (+/- few pips, see attached chart. I have few pip cushion in my sl and tp)
Long - sl below 1.3585, TP 1.3683


3683
196
3487
98
3585

Don't forget sls are there to get hit and therefore never risk more than what you are willing to lose for a chance. Recommended risk is one quarter of a percent and there are thousand reasons for choosing this level of risk. I have not calculated my risk for this trade but will soon close a major portion of my postion to bring the risk to quarter percent.

1.3490 is our starting point, 1.3585 is our sl and our entry is at 1.3634. I have entered earlier for better r/r. It is a 1:1 r/r trade if entered at 1.3634. I do expect a bounce down between 1.3655 and 1.3640.

I mean a bounce starting from any point lying at 1.3640 and 1.3655. This bounce could be a small one or maybe a big one bringing pa near to or even below 1.3600, but 1.3585 should remain a support.

The above setup is now complete, but a spike down to 1.3520 or so gave me very hard time. Barely managed to save my account.

Lost $1.34 on this setup, but temporary drawdown was way too high. There is always a next time

Not a good time of the year to trade............... but 1.3865 with sl below 1.3760 is not a bad idea

White Arrow = The move that one may like to play. This move could only be determined after Yellow Arrow and Pink Arrow Moves have occured and not before
Yellow Arrow - Initial move, that gets retrace from 50% of the possible move
Pink Arrow = More or less 50% Retrace of the Yellow Arrow and 25% retrace of the possibe full move
Blue Arrow = The trade under Elite Method

It is too late, I should have identified this move when it startared boucing from the blue line. Anyway, still 60 to 70 pip potential. Check if you can find an Elite Setup on smaller timeframes that indicates same tp. That will be added assurance.

It went below 1.3760. I did not find any setup conforming to this on smaller timeframes, rather they negate this. However, following setup is the only one that shows it could move upt to 1.3866 or beyond

If we take close (indicated in the first chart), it has hit the target around 1.3800. But if we take the High (indicated in the second chart), we have a potential up to 1.3866. The sl should be below 1.3718 or at least below 1.3738

im gonna try this method

I am still waiting for this market to pick momentum after holidays are over.

There maybe Elite setups on smaller timeframes, but I am not hunting them. One good setup on daily timeframe is what I want to start the new year from.

Thanks to all the Elites who are patiently waiting.

This is not exactly an Elite setup because we don't have the move that we want to play i.e. our ultimate target. But something just to gamble. This is more like 1,2,3

After the holidays, I will try to see if we get a setup for target of 1.4444.

I have $176 in my demo account. From this day onward, I will try to take trades based only on Elite Method. I do not expect to grow (or lose) the account very quickly with quarter percent risk per trade. This is going to be boring and that's why we will have some fun posts here. Trading should be a joy and not an stress.

Much of the discussion here will focus on trade setups as they develop. We won't be playing blindly.

It really amazes me when I read something as this: Rules for trading; especially in becoming one of the “Elite”. And in reality; there is only one rule for trading – “Creating a ‘Trading Plan’ for each and every trade you make”. That is the only “rule” when it comes to trading.

But first you must know the difference between Resistance, Support, and Trends. And I am not talking about drawing lines on your charts to create these 3 objectives; but having a system that creates these objectives in a Paradox Trend that is absolute with indicators which are based upon one another and defined as one unit.

A Paradox Trend creates its own Support and Resistance along with its own Trend. It is a master piece filled with entries and exits off its support/resistance. And creating a trading plan based off Support and Resistance - within the Paradox Trend - will turn you into one of Elite.

A plan should cater for every eventuality.

“Don’t worry about where the prices are going. Worry about what you are going to do when they get there.”

Think about what is being said here. Once you put your money down on a trade you cannot control the prices. So stop worrying about what could happen and concentrate on your trigger points (support/resistance) and what you will do when these points are violated. By doing this your trading stops being emotional and now becomes very systematic and stress free.

Having a trading plan is one of the most important pieces of the puzzle of becoming a consistently profitable trader. Yet for many traders, creating a trading plan can seem like something of a mystery or perhaps something that they “will do eventually”.

It is this lazy type of thinking that gets many traders into trouble and causes them to blow out trading accounts. Success in the markets is a function of discipline, and most people simply do not have enough self-discipline to determine if they are trading emotionally or objectively. This is where having a defined forex trading plan comes in; a trading plan will act as a guide which will keep you on the disciplined trading path.

One of the best ways to not let emotions influence your trading activities is to have a defined trading plan that describes in concrete terms what you will do in any given market scenario. Many traders do not attempt to have a trading plan because they aren’t really sure where to begin or how to write one. It really does not need to be extremely long or complicated to be effective. Essentially the point of a trading plan is to keep you honest with yourself because if you don’t do it no one else is going to. And this is exactly the problem most traders have in the markets, there is no one to be accountable too if you lose all your money, except yourself. You aren’t trading for your boss or someone else, unless you are a prop trader, but most traders don’t make it that far because they cannot even be accountable to themselves first.

To be accountable one must first have a greater understanding of support and resistance and learn to trade “in the moment”. You must learn to be objective and not subjective with the market. And having a trading plan is being objective and is why - it is on top of the realm for any trader.

One of the greatest criteria I teach anyone is the 40/40 rule. 40 pip stop and 40 pip profit at entry for each and every trade. This is the beginning of learning in how to make an A+ entry; learning how to use support and resistance too their full potential. By using the 40/40 rule you eventually learn how to make your entries from the bottom (support) and from the top (resistance).

Hello Dove, nice to heard from you, hope all fine, happy holidays and a great new year for you Sir......

Good post. Thanks for contributing. Plan is indeed very essential element in trading. Like you said, it can be very simple. Another thing I like in your this post is one should know what he/she is going to do when price gets to a marked level. However, I may like to add to 40/40 rule. This is a good rule, but all traders may not have required screen time for 40/40. Therefore, they may create some other combination of r/r and win/loss ratio.

I have taken this trade on Elite System:

Trend: 1.3295 to 1.4493. Mid is recent high at 3894.
That means if recent high of 3894 beocomes Mid of the up trend that started from 1.3295, it may go up to 1.4493.

My entry is few pips above 1.3742 which is a good s/r. My target is just below 1.4444 which is a good s/r.

Risk is about 0.25% and I think the reward is about 4% (not calculated)

According to the New Daily along with the Paradox at 17:00 ET yesterday the Support was at 1.3728. The Support was hit and on the next 30 candle the market took off going north. The Mid was at 1.3773 just 1 pip short of the Daily Pivot Point. The Resistance was placed at 1.3818 which had been hit. It is now time to walk away for the next 17:00 Daily at which time I will make up a new Daily Trading Plan for the next 24 hours.