High Risk, Quick Turnover profits, 5-30%, TRX as an Example.
As promised, here are two strategies for quick profits.
BEWARE: Trading on 5 minutes charts with patterns that aren't as strong as their longer-term counterparts is VERY risky.
Apologies for my messy charts, still trying to work out the best way to display and explain.
Overview:
If you have a longer term pattern in place, it becomes easier to predict where the price may fall or rise to within the pattern.
A chart of one hour or greater is recommended.
You can use the strategies explained below in a market that is in a downtrend or uptrend phase.
Strategy #1
Patterns within patterns.
- Using 5-15 minute charts.
- Buying the breakout of a smaller pennant.
- Look for higher lows just before breakout.
- Ensure you have a stop loss of your choosing.
- Sell once broken the upward trend line.
- Draw the steepest line possible, for earliest entry and exit prices.
Each black arrow on this chart represents a trade opportunity. There are at least 13 here.
Close-ups:
Strategy #2
Support and Resistance within patterns
- The more times price bounces off a support or resistance level, the stronger it becomes, thus less risk involved.
- Before trying to buy the support zone, ensure there has been at least 2 bounces from it before.
- Buying at the support level, with a stop loss of your choosing. I like 2-5%.
- Sell at resistance or once short term trend line broken.
- Where there is an arrow, there is a trade opportunity.
Each black arrow on this chart represents a trade opportunity. There are at least 6 here.
Close-up:
BEWARE: Trading on 5 minutes charts with patterns that aren't as strong as their longer-term counterparts is VERY risky.
Apologies for my messy charts, still trying to work out the best way to display and explain.
Overview:
If you have a longer term pattern in place, it becomes easier to predict where the price may fall or rise to within the pattern.
A chart of one hour or greater is recommended.
You can use the strategies explained below in a market that is in a downtrend or uptrend phase.
Strategy #1
Patterns within patterns.
- Using 5-15 minute charts.
- Buying the breakout of a smaller pennant.
- Look for higher lows just before breakout.
- Ensure you have a stop loss of your choosing.
- Sell once broken the upward trend line.
- Draw the steepest line possible, for earliest entry and exit prices.
Each black arrow on this chart represents a trade opportunity. There are at least 13 here.
Close-ups:
Strategy #2
Support and Resistance within patterns
- The more times price bounces off a support or resistance level, the stronger it becomes, thus less risk involved.
- Before trying to buy the support zone, ensure there has been at least 2 bounces from it before.
- Buying at the support level, with a stop loss of your choosing. I like 2-5%.
- Sell at resistance or once short term trend line broken.
- Where there is an arrow, there is a trade opportunity.
Each black arrow on this chart represents a trade opportunity. There are at least 6 here.
Close-up:
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