So over the years I bout alot of courses about trading the markets. In one course I took I learned about a reversal strategy using candlesticks on daily charts. Although in the past I didn't consider myself a Day Trader I found this strategy to be appealing for it using the Stock Index futures. So now I sometimes do day trade the market if I get the right setup. The good thing about his strategy is that you only need to check the market once a day to see if there is a setup. Then you just place your stop orders and limit orders according to your risk management or you can also use options.
Enjoy!
Trade Well,
Clifford
Trade active
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Limit Executed at 4146.00
Stop 4180 risk 30 pts
Profit Target 4086 60pts
Let see what happens always use risk management.
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This is a Short Position
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Trade Still Active.
Trade closed: stop reached
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Trade was loss was counter trend trade.
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Here is a new one tonight
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Long Nasdaq Limit order 50% retracement 13106
Stop loss under support 13036 Risk 70 points
profit target min 2:1 140 points 13246 or 13300 264 points
lets see what happens may the force be with us traders!
Trade closed: target reached
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So did not hit full target but was able to take small profit.
Very nice video indeed. One question, does it matter if the hammer or shooting star is red or green as hammer could still be a red hammer for a long trade for eg?
sahi94218
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@TradeTheCharts76 Can you mention stocks names you told in the video as I did not understand Stocks names please, thanks
TradeTheIndex
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Well I trade the futures market but I guess if your looking at stocks I think it would be SPY.
sahi94218
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Great, love to test it, thanks
DonQuizote
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Thanks for sharing man! Hadn't thought of using this kind of strategy as I'm mainly a scalper. But I agree this would be a useful option.
TradeTheIndex
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mp friend
TradeTheIndex
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Are you referring to the colors on my chart?
TradeTheIndex
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MP friend I agree always papertrade and test strategies out before trading for real.