Trialing a new entry technique. Almost automatic. Usually i will wait for a Green HK close prior to entering. This plan is to trail a stop buy order down the flat topped HK's to buy me in on a reversal. The trend is already set as upward to my best analysis. Target will be the trend line followed by the Monthly 100MA which we've already tested once. Small position as a tester. Full credit to Trading For a living by Dr Alexander Elder.
Comment:
Entered this morning.
Trade closed: stop reached:
Stopped after a spike entry. Realized I should not have used this entry strategy with this chart. $100 lesson but well worth it.
Comment:
The idea would have worked well on the green candle. One possibility to explore is to trail the stop buy on the 20ma as in this example you would not have got wicked.
Monthly: