Hello guys, yesterday I made a very nice profit trading fake breakouts using “color options”, today I will try to do the same with this set-up. As you can see, we had a breakdown and then a nice breakout to the upside which went very close to a strong resistance line. This makes it for a strong case to go short as soon as the first red candle forms. As always, I will place bets that the next 10 candles (or majority of them) will be red.
Rules:
1.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
2.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
3.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
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Rules:
1.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
2.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
3.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and subscribe !
Note
First red candle formed, which means we will now place a bet on each consecutive candle that it will be red. We will follow our rules outlined above.
Trade closed: target reached
As per my plan and rules, I traded 10 candles and placed a bet that each one of them will be red. I was right on 5 trades and lost on 4 (1 trade broke-even). So in the end I made a decent profit ( considering that I get paid fixed 100% profit on winning trades). Thanks for reading and please follow me :)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.