Explanations of the UM for long trading.
The retracements are as before.
We will have more to say about retracements later. It is important that you get your entry close to the retracement point, if not at the very point.
To enter far from the retracement point means that you could well hit the stop loss that you set.
More on all this later.
I feel very excited about what I am going to reveal!!
There are great things to come!!
Now, back to the retracements................
They go in 2 amounts,
You exit all at once, or in stages if you so wish,
The stop loss is moved to break even as the price goes in your favour.
Watch the number of candles you trade on the main chart - don't go beyond about 7 of them unless the price has rocketed in your favour.
Next post - a full explanation of that confusing pips first drawing.