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Triangles - another trade method that works


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If done properly!

This played out last Thursday during the day

100% Technical Analysis

This happens frequently every week on various markets

On Thursday the DAILY chart Higher Time Frame momentum was BULLISH - See Independent FTSE100 chart below - Moving averages, DTF, DTOSC, STSTOCH and RSI were all Bullish at the close of play Wednesday 6th May

With that in mind Thursday 8th May trades are likely to form to the long side = path of least resistance most likely - remember nothing is 100% in the markets

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So with the above knowledge, Intra day 15 min chart - Details on the chart below:

Moving averages in perfect bullish order, Triangles form - other Indicators (not shown) were used in ascertaining that long was most likely the direction of the trigger, which puts the 'edge' into my favour rather than the houses  

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When I place a trade I already know my exit strategy - Triangles have target price level known as the trade order opens, I don't faff about trailing the market

To put R value into context, if you risk 2% of your trading account per trade then 2% = 1R - as you can see I risked 2R or 4% over 2 trades to make 14%

My advice would be only to take high-ultra high probability trades, put the edge in your favour and beat the markets, it can be done I promise you.

If your method does not show up, you simply don't trade, just wait

 

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Hi

Because the different indicators are for the different trading methods I trade so that I see within secs if a chart is set up of not - I don't even look at the MA's or DTF for this particular trade - I have my charts formed that way so that within seconds I can determine if a trade is setting up or not from the various methods that I trade - If all the ducks aren't in a row I skip the trade opp - Price formation, then the Indicator needs to confirm = trade set-up - it is simple and highly successful for the past 11 years.

The 1st chart is a different market to the one above - and I have another method that trades on MA's - the chart above is a precision based trading method, I appreciate that not all traders can use sophisticated methods, but when my income is dependent on trades taken I prefer to hold as many of the cards in my favour.

 

 

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