This is one Emanuel said watch. I saw an opportunity although I got in a little later than I like-it still looked good. {image}
Hi freebeans,
Good post and clean chart.
That is exactly what Big E said many times in his posts and training charts. I read and learn everything he posted. I mastered what he shared. Since his passing in 2012, I continue to focus trading using his 5-Method. It was very hard work and long hours. It works for me. Everyone can make this work for you too. You first need to make your commitment to learn, to improve, to make it better for yourself, do the SMART thing.
Look at the Price Action PA first when we want to take a TDI trade. ( this is key)
Is the PA in or near to a consolidation area. (big candle and small candles)
What are the sizes of APB candles, big and small candles, (signs of market price strength or weakness, and potential consolidation)
Look at recent highs and lows, (these are potential support and resistance)
Study old charts and learn to recognize these type of chart conditions. (backtesting, backtesting,backtesting... to learn)
Take some risk, take the trade. (pull the trigger intuitively without hesitation)
Cut losses fast. ( preserve trading capital and be able to trade another day)
Expect a few losses here and there. ( always have a stop loss, and know when to cut loss. Cut Losses Short).
Know when to add more lots or increase lots. (Let Profits Run).
...
It is that simple but not easy without some hard work on your part.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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