-Symmetrical Triangle- continuation Pattern
-Elliot Correction Triangle Wave Complete- ABCDE
-Reversal Candles on point E
Entry Options Based on RISK
MOST RISK 1. Enter on Reversal Candle= $70.40
2. Enter on Pattern Break= $71.65
3. Enter on Pattern break and local Swing High broken= $72.15
Least RISK. 4. Enter on confirmed uptrend as previous uptrend Swing High Broken
Entered at $70.80
Triggers Set around next 2 targets for remainder of position.
(higher lows and lower highs), if it breaks that then I am on ALERT
-next if breaks symmetrical triangle pattern- high ALERT
must break by 1-3% and candle CLOSE (not just wick) outside pattern, or multiple closes outside pattern
-Breaks local swing low- then BEARs in control
Averaged in at $71.59
remainder of volume still in play
Head and shoulders top on hourly chart- bouncing off neckline. BTC cancelled this same pattern last week for new all time highs.
Head and Shoulders Top/ Bottom- some of the most consistent of all patterns- but only confirmed if breaks neckline- after breakout, retest of neckline also common.
Lost my patience. Take my profit and look for something new
First on reversal candle, then next 2 targets
1.never risk more than 1-2% of entire portfolio balance on one trade
2. 15-20% max equity in one trade
$100K account Balance
Current Price and Entry= $55
Local Support and Resistance= $50
Stop Loss = $49
$100k at 1%= $1000 max loss
$1000/$6= max 166 units
$9022/$100K= 9.2%- acceptable
Your account and position size might require using a different and more conservative/aggressive stop loss than I did- but remember they should always be based off support and resistance.
if you raised the max risk to 2% then you carry a larger position size. As the position size increases, then the max equity rules will start to limit your position size. 15-20% (somer say 10%) of total account.
These are common rules/guidelines- the more I trade the more I move these around to find my ideal set ups and what I feel comfortable with.