Text Book 2618 - Lesson

Nov 11, 2016

This is not a trading Idea as the reasons for entry have already been and gone.

Text Book 2618 bullish trade

1. Double Bottom against major structure support/resistance
2. RSI Divergence
3. Higher High established
4. Retracement to the 61.8 Fibonacci level

How to trade
1. Stop loss below double bottom (according to your rules) must have 1:1 Risk to reward minimum
2. Target 1 Level with higher high
3. Target 2 next level of resistance - if too far then 1.27 fib extension
4. Take target 1 (if hit) and trail stops for target 2
5. Keep riding the wave for as long as you feel comfortable

Hope this helps anyone who is here trying to learn
Please leave a "Like" if you please
Good Luck
Steve

Nov 11, 2016

Note

You can watch thw creation of this chart on the link below
youtu.be/SuYnCHeZzSc

Nov 11, 2016

Trade closed: target reached

Target 1 hit

Nov 11, 2016

Trade closed: stop reached

target 2 Stop loss hit
Typical - call something text book and it will bite you lol