Monday 3 November 2014

Getting Back To Trend Trades

Last week and leading into today (Monday) I have been struggling to get in with the trend due to apprehension regarding HMs and SSs whipsawing me in the past. This fear has since flowed into bars resembling HMs and SSs.. So Hi Waves, Doji, and NRBs (so basically everything) castrating my ability to trade candle setups. Last week I was trading purely Ws and Ms reversals but in order for these to trigger a trend trade has to test the prior high/low (my PT) then fail. What I'm trying to say is that there's at least one trend trade before a reversal and strictly speaking a reversal is simply a failed trend trade. So trying avoiding trend trades is just avoiding profit.

The fact is I now know how to trade HMs and SSs in a trend now thank to reading "naked forex" last week...http://eurusdtradejournal.blogspot.co.uk/2014/11/naked-forex-notes.html

Also from reading a couple of things by Keith harrington II and Sam Seiden I realize I have not been focus on one of my favourite components the Bull and Bear Sweet Spot... http://eurusdtradejournal.blogspot.co.uk/2014/11/keith-harrington-iis-and-sam-seiden-we.html

Basically I want to trade every Bull and Bear Sweet Spot be it Counter trend or a with trend PB/RL with the exception of those with trend setups whose triggers are HMs and SSs that ...
  • print after a large correction 
  • Don't stick out of consolidation (HM lower/SS higher)
  • Don't occur on S/R level major or minor
AND SAR any with trend trades that fail.

In the last 2 weeks of the 22 with trend setups only 4 failed to reach the next level of S/R! An 80% success rate.

No comments:

Post a Comment

Note: only a member of this blog may post a comment.