Good morning/ evening,
I’ve made my way to this forum tonight for a few reasons.
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To post how I trade at the moment
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To get some feedback on how I can make this strategy and my trading more effective
I’LL LIST OUT MY CURRENT METHOD( PLEASE TELL ME WHAT YOU THINK BELOW, OR IF YOU HAVE ANY QUESTIONS LET ME KNOW
Now this trading is an order setting strategy where we are trying to find the **break out at the end of trend"
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The first step is identify the up or downtrend, on what ever time frame you are trading on ( I trade daily’s )
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The up or downtrend is signified by two up or downward price action candles
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The next step once we have realized that we are in a up or downtrend we are going to be doing two things.
Setting Buy order are the end of down trends( looking for break to up )
Setting Sell orders at the end of up trends( looking for break to down )
Now the Stop loss I use is the most recent low, or most recent high at the end of the time period we are setting our order at.
The take profit I use is 1:1 of the SL ,however if you wanna chase more you can. NOTE be careful of chasing to much, as we are only really chasing initial breakout
- Now that you have identified the trend at the end of the time period, and set your order there are only a few main outcomes.
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The order hits and you are entered into the trade, in this case you will be holding the trade, and only making trades in the opposite direction ( for hedging purposes )
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The order doesn’t hit and the trend continues to either rise or fall, in this case you literally just move the order to the end of the new current candle
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If the trend keeps pushing some much and never breaks your order, and a new up or downward trend appears revert back to original rules, and delete other order.
NOW I’M NOT SURE I’VE DONE A GREAT JOB OF DESCRIBING THIS AHA SO IF YOU HAVE ANY QUESTIONS PLEASE ASK HERE