Hello all,
While it is sometimes hard to find a good working example of trading plan setups to show you, it is almost unheard of to be able to show all three within one chart window. Today we are luck because BTCE's price performance over the past two weeks has done exactly that. Two of the setups shown have completed themselves (bullish 50% level test off double bottom within double bottom setup & bearish BoT ab=cd harmonic pattern setup) and one is still in the process of playing itself out (OTE long range trade setup). These setups themselves are solely based off price action, they have strict risk/reward management rules and are relatively simple to follow - sometimes for traders less is better. The key here is that all of the setup's reward box's (green) are bigger then risk box's (red). There is no guarantee any of the particular setups will hit their profit objectives but by having our predefined reward automatically set to a larger number then our risk, setups can fail up to 50% of the time and we are still profitable. Interestingly, we seem to be batting 100% here....lol
Cheers all and hope you can you this information to your benefit.
If my charts help you, or you use my indicators...
please consider a BTC donation to allow me to
continue my work :
1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5
& follow me on Twitter @CRInvestor
While it is sometimes hard to find a good working example of trading plan setups to show you, it is almost unheard of to be able to show all three within one chart window. Today we are luck because BTCE's price performance over the past two weeks has done exactly that. Two of the setups shown have completed themselves (bullish 50% level test off double bottom within double bottom setup & bearish BoT ab=cd harmonic pattern setup) and one is still in the process of playing itself out (OTE long range trade setup). These setups themselves are solely based off price action, they have strict risk/reward management rules and are relatively simple to follow - sometimes for traders less is better. The key here is that all of the setup's reward box's (green) are bigger then risk box's (red). There is no guarantee any of the particular setups will hit their profit objectives but by having our predefined reward automatically set to a larger number then our risk, setups can fail up to 50% of the time and we are still profitable. Interestingly, we seem to be batting 100% here....lol
Cheers all and hope you can you this information to your benefit.
If my charts help you, or you use my indicators...
please consider a BTC donation to allow me to
continue my work :
1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5
& follow me on Twitter @CRInvestor