Reply To: Trade opportunity?
Hi Dave,
I’m not looking to take profits weeks ahead as such, but I’d like to think that in a weeks (even a months) time the market will have moved in that direction. If it doesnt move in that direction, then it doesnt move in that direction. All that I’m am doing at that stage is giving myself reasons to enter a trade and targets to aim for.
On the day when I pull the trigger on a trade, I will aim to only make sure that my risk to reward ratio is in my favour. As Rich said to us in one tutorial was that we only need 4 trades out 10 at a 2:1 ratio to come in to turn profit. Days when the market has shown movement then i will let it run up to another indicator (but that still makes me nervous).
I am ALWAYS using MOR and DOR. The ONLY time i will not use MOR is if the DOR opens above a support/resistance that will let the market come down to retest its structure regardless of the MOR. but ignore that for now. Only focus on what rich says.
The peach rectangle is an area where the market went into slight consolidation (where it didnt have any obvious direction) so there was a lot of buying and selling in that area, That means that people will more than likely be using that target in the future.
I will only enter a trade if the 15min engluf candle signals and sometimes the 5 mins moving average signals. BUT i will ALWAYS trade ONLY when these signals have shown.