As per @TradingView 's previous post, in this article, I am going to share my trading strategy in three steps.
📌Step 1:
First, start from the higher timeframes like Daily/Weekly to identify the current long-term trend. Is it bullish, bearish, or stuck inside a range?
If the price is sitting in the middle of nowhere, then it is a NO trade zone, as the price has a 50% chance to go either up or down. Thus, there's no edge!
Remember: No trade is also a trade.
📚Wait for the price to approach the lower bound or upper bound. Then proceed to Step 2.
📌Step 2:
Zoom in to lower timeframes like H1 and M30 to look for any reversal setups.
A basic approach would be to wait for a swing low to be broken downward around a resistance as a signal that the bears are taking over.
In parallel, wait for a swing high to be broken upward around a support for the bulls to take over.
This would be the confirmation to enter the trade.
Just like a sniper waiting for the perfect shot!
📌Step 3:
Target at least a 1/2 risk-to-reward ratio. This way, even with a 50% win rate, you can still be profitable.
Remember: We are risk managers, not traders. We can't control the market; the only thing we have control over is our risk.
📚Always follow your trading plan regarding entry, risk management, and trade management.
Hope you find the content of this post useful 🙏
All strategies are good; if managed properly!
~Richard Nasr
📌Step 1:
First, start from the higher timeframes like Daily/Weekly to identify the current long-term trend. Is it bullish, bearish, or stuck inside a range?
If the price is sitting in the middle of nowhere, then it is a NO trade zone, as the price has a 50% chance to go either up or down. Thus, there's no edge!
Remember: No trade is also a trade.
📚Wait for the price to approach the lower bound or upper bound. Then proceed to Step 2.
📌Step 2:
Zoom in to lower timeframes like H1 and M30 to look for any reversal setups.
A basic approach would be to wait for a swing low to be broken downward around a resistance as a signal that the bears are taking over.
In parallel, wait for a swing high to be broken upward around a support for the bulls to take over.
This would be the confirmation to enter the trade.
Just like a sniper waiting for the perfect shot!
📌Step 3:
Target at least a 1/2 risk-to-reward ratio. This way, even with a 50% win rate, you can still be profitable.
Remember: We are risk managers, not traders. We can't control the market; the only thing we have control over is our risk.
📚Always follow your trading plan regarding entry, risk management, and trade management.
Hope you find the content of this post useful 🙏
All strategies are good; if managed properly!
~Richard Nasr
Trading Made Simple; and Rule-Based
www.RichTL.com
for 50% discount use coupon: BD2024
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cutt.ly/TickmillReal
www.RichTL.com
for 50% discount use coupon: BD2024
Instagram:
www.instagram.com/richthesignalyst
Telegram:
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal