Trading is simple but not easy. Really anyone can do it. Here are my rules
In this trade. PB is one a newly formed uptrend on the long-term chart (M) the middle trade chart (W) is in a correction. The Rs to Rw ratio is a minimum 1 to 3, I CLS full position at PT1.
- - Use a 3 chart correlation to trade the bigger picture & filter out market fluctuation.This will help to control your emotions & control trigger fingers.
- scan the market for low risk (Rs) and high reward (Rw) trades. a ratio of 1 to 3 is minimum. Find places where Support & Resistance are unbalanced.
- identify a trend on the long term chart for example monthly (M). and wait for a correction on the middle trade chart (W), this is the principal chart you will be trading. once identifies, you can use a lower trade chart to time your ENT for example Daily (D
- Enter (ENT) on low risk window & dont chase it. be willing to let it go
- Set your STP & be ready to take the small loss. If the trade is profitable take profit at profit target 1 (PT) & let the rest run. use a trailing STP to let winners run.
In this trade. PB is one a newly formed uptrend on the long-term chart (M) the middle trade chart (W) is in a correction. The Rs to Rw ratio is a minimum 1 to 3, I CLS full position at PT1.