How To Have An Edge Over The Markets!
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
Today I want to share a basic trading plan that you can follow to quantify your trading edge.
📌Step 1:
First, start from the higher timeframes like Daily/Weekly to identify the current long-term trend. is it bullish, bearish or stuck inside a range?
If the price is sitting in the middle of nowhere, then it is a NO trade zone as price has 50% change to go either up or down. Thus no edge!
📚Wait for the price to approach the lower bound or upper bound. Then proceed to Step 2
📌Step 2:
No matter how strong a horizontal / non-horizontal support or resistance is, it can still be broken. Thus don't buy/sell blindly as price approaches a support/resistance.
Instead, zoom in to lower timeframes like H1 and M30 to look for setups.
🏹A basic approach would be to wait for a swing low to be broken downward around a resistance as a signal that the bears are taking over.
In parallel, wait for a swing high to be broken upward around a support for the bulls to take over.
This would be the confirmation to enter the trade.
⚙️Of course, your second edge would be through risk management by targeting at least double than your indented risk.
But that's a topic for another post 😉
Always follow your trading plan regarding entry, risk management, and trade management.
Hope you find the content of this post useful 🙏
All Strategies Are Good; If Managed Properly!
~Rich
Today I want to share a basic trading plan that you can follow to quantify your trading edge.
📌Step 1:
First, start from the higher timeframes like Daily/Weekly to identify the current long-term trend. is it bullish, bearish or stuck inside a range?
If the price is sitting in the middle of nowhere, then it is a NO trade zone as price has 50% change to go either up or down. Thus no edge!
📚Wait for the price to approach the lower bound or upper bound. Then proceed to Step 2
📌Step 2:
No matter how strong a horizontal / non-horizontal support or resistance is, it can still be broken. Thus don't buy/sell blindly as price approaches a support/resistance.
Instead, zoom in to lower timeframes like H1 and M30 to look for setups.
🏹A basic approach would be to wait for a swing low to be broken downward around a resistance as a signal that the bears are taking over.
In parallel, wait for a swing high to be broken upward around a support for the bulls to take over.
This would be the confirmation to enter the trade.
⚙️Of course, your second edge would be through risk management by targeting at least double than your indented risk.
But that's a topic for another post 😉
Always follow your trading plan regarding entry, risk management, and trade management.
Hope you find the content of this post useful 🙏
All Strategies Are Good; If Managed Properly!
~Rich
Trading Made Simple; and Rule-Based
RichTL.com
Instagram
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
Best Crypto Exchange
coincall.com/r/thesignalyst
RichTL.com
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
Best Crypto Exchange
coincall.com/r/thesignalyst
Disclaimer
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