Got put on this idea by some top pros I follow- just adding it to my own ideas to confirm it and for tracking purposes.

LONG-
-Solid Uptrend
-Symmetrical Triangle- BULLish continuation Pattern
-Elliot Correction Triangle Wave Complete- ABCDE
-Reversal Candles on point E
-BULLish Stochastic
-BULLish RSI
-BULLish MACD

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
交易开始: I like to scale in and don't mind higher risk entries.

Entered at $70.80

Triggers Set around next 2 targets for remainder of position.
评论: as long as it stays inside in the tightening pattern should be ok
(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
交易开始: scale in successful- 3 targets met

Averaged in at $71.59
交易结束:到达目标: booked some profit $78.80

remainder of volume still in play
交易结束:到达目标: $83.50- I'm out.

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
How much % of position do you scale in?
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@sourcex, this one I did in thirds-

First on reversal candle, then next 2 targets
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I put one at $67.68
+1 回复
DigitalMoneyTraders DigitalMoneyTraders
@FishSniper, below the pattern swing low at point A
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DigitalMoneyTraders DigitalMoneyTraders
@FishSniper, Just FYI- stop losses should always placed based on areas of support and resistance (not percentages). Starting with the Local swing and lows and moving out to major areas of support/resistance.


Common Guidelines-
1.never risk more than 1-2% of entire portfolio balance on one trade
2. 15-20% max equity in one trade

Random Example:
$100K account Balance

Current Price and Entry= $55
Local Support and Resistance= $50
Stop Loss = $49
Risk= $6

$100k at 1%= $1000 max loss
$1000/$6= max 166 units

166*$55= $9200
$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.
+2 回复
sourcex DigitalMoneyTraders
@FishSniper, Thank you explaining the risk management. This time I will trade cautiously. Also, just to confirm it, if I have $100K, I shouldn't bet more than 9.2% of my entire portfolio on this trade with a risk of $6/unit. Did I understand it right?
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@sourcex, yes- if you comply with the 1% max risk rule

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.

Good luck:)
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DigitalMoneyTraders DigitalMoneyTraders
@FishSniper, Also, a setup with less risk could let you carry a larger position size- only again limited by total account limits
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Where would add a stop loss?
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