1. Identify Market Phase
a. Sideways (Buy @ support, Sell @ resistance)
b. Trending (Go with trend direction, not against)
2. Identify supply and demand zones in Weekly timeframe
3. Wait for price action to reach SD zones & break Bollinger bands Dev 2 (upper or lower band)
4. Look for engulfing candles to signal entry
5. Enter Pending Order 3 pips above or below previous candle. If order is not filled in the next candle, CANCEL the order. The order should be executed within the next candle.
STOP LOSS & TAKE PROFIT
• Stop Loss – 3 pips above/below the high/low; Account risk per trade – 0.25 to 0.5%
• TP1 – RR 1:1 / TP2 – move SL to break even then trail profit or RR 1:2 or 1:3
a. Sideways (Buy @ support, Sell @ resistance)
b. Trending (Go with trend direction, not against)
2. Identify supply and demand zones in Weekly timeframe
3. Wait for price action to reach SD zones & break Bollinger bands Dev 2 (upper or lower band)
4. Look for engulfing candles to signal entry
5. Enter Pending Order 3 pips above or below previous candle. If order is not filled in the next candle, CANCEL the order. The order should be executed within the next candle.
STOP LOSS & TAKE PROFIT
• Stop Loss – 3 pips above/below the high/low; Account risk per trade – 0.25 to 0.5%
• TP1 – RR 1:1 / TP2 – move SL to break even then trail profit or RR 1:2 or 1:3
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.
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.