CAD.JPY - My Entry Strategy
Updated
As many of you know i predominantly trade advanced patterns, however when it comes to my entry strategy it's a lot more in-depth and requires a filter process prior to entering a position.
What do i look for prior to entering a position?
First and foremost i use a multi-timeframe analysis approach, which means my three trading timeframes must give me the same overall direction bias.
Once i have identified the overall direction of the chosen currency pair i then look for a breakout of a significant level, whether that be a psychological number, structure level or consolidation period.
Although i can't go into too much detail and in-depth information i thought a visual chart would speak louder than words.
Please note, my rules are very specific for my personal and clients accounts and should not be implemented until extensive backtesting and research has been done.
Have a great week :-)
What do i look for prior to entering a position?
First and foremost i use a multi-timeframe analysis approach, which means my three trading timeframes must give me the same overall direction bias.
Once i have identified the overall direction of the chosen currency pair i then look for a breakout of a significant level, whether that be a psychological number, structure level or consolidation period.
Although i can't go into too much detail and in-depth information i thought a visual chart would speak louder than words.
Please note, my rules are very specific for my personal and clients accounts and should not be implemented until extensive backtesting and research has been done.
Have a great week :-)
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Breakout has now occurred, potential long opportunity.Note
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If your entry was on the breakout you target should be banked at a 1:1Note
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5 Easy Steps To Trade The Bat Setup
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