1. An asymmetric bullish/bearish is drawn using ascending and descending curved with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.
This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify and apply unique trend-based levels for SL and TP levels. Reach out to me if you have any questions.
I hope you change your mind and keep posting, you have some good ideas.
Broke the neckline on the head and shoulders pattern, I posted a chart this morning after I bought puts. (It was still in positive territory when I posted it.)
Funny how it worked out today, bought NKE puts again when it was up, flipped the puts on the tank and rolled the profits into $68.5 weekly puts. Now I'm playing earnings for free. On top of that I made a good chunk with UAA and XRT puts (I figured they'd both go down with NKE, but Powell tanked them first.)
Rolling into XRT puts again tomorrow if they bounce the market back up. Expect the market to tank Friday when everybody pulls out of 401k & mutual funds before Christmas break. (Unless it tanks hard tomorrow of course.)
Good luck, I hope you change your mind about not posting next year.
Had to hold MNK and W because the spread is pretty wide, figured they'd both tank into Jan. FB and NKE were bought with profits, figured they'll both be lower by Friday anyways.
If it gaps down big, I'll probably flip my NKE puts and double up at a lower strike, flip the FB puts and call it a day. Only other plays I'm interested in are NFLX and JNJ.
I played the market reaction, didn't realize Powell is still calling for 2 rate increases next year. I would've probably held XRT puts or bought XLF puts if I knew.