Euro / Japanese YenEducation
Sample of Trends - How to trade one - Break and Retest strategy
Thank you for stopping by, I hope you enjoy reading this. The reason I write this post is to asked for different opinion to improve myself as a trader where you might see things that I don't, and I want to strongly define how I trade and be more certain that what I am looking for when trading (this overtime will get integrated to my intuitive functional level).
As I am learning, I found a useful way to identify the trends and how to trade so that yield a more consistent result.
And, That is it. I hope to repeat the pattern over and over and see how well it work out. Thank you for reading again.
As I am learning, I found a useful way to identify the trends and how to trade so that yield a more consistent result.
- I trade using break and retest strategy.
- The trend I trade can be in any time frame (this doesn't matter)
- This Trend (trend 3) has to be in a same direction as the branch that contains it (called branch of trend 2).
- It is best when trend 2 stays in direction of main branches of trend 1 but it doesn't matter now.
- Getting back to trend 3, finding break and retest - when price break the extreme, in this case - a support level, then I will proceed to place limit order (sell) at previous support. Stop loss near recent high (I haven't figure out the best Stop Loss placement yet), and Take Profit is 2 R - 2 times the risk.
And, That is it. I hope to repeat the pattern over and over and see how well it work out. Thank you for reading again.
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