Again , the way I see this is a uptrend because of the .... The trend moved down , formed a double bottom (Trend Reversal Pattern) and then formed a High , Low, Higher High , and I believe we are waiting for the lower low. Some Traders will trade the pullbacks (or lower low) but it is safer to leave your buy trades.... but when you leave your buy trades... there is a completely different way you need to do this in order to get around the pullback.
The idea is when the trend reversal begins you enter 3 buy trades with 3 different take profits. When Take Profit 1 Hits , you move your stop loss to break even on the other 2 trades.
You will then allow the pullbacks to move against you on the last 2 trades but if you are taken out of the trade you will still never lose money because your stop losses will be set to break even.
Give me advice if you think there is a better way!
The idea is when the trend reversal begins you enter 3 buy trades with 3 different take profits. When Take Profit 1 Hits , you move your stop loss to break even on the other 2 trades.
You will then allow the pullbacks to move against you on the last 2 trades but if you are taken out of the trade you will still never lose money because your stop losses will be set to break even.
Give me advice if you think there is a better way!
Comment:
This is for educational purposes only and do not enter a buy now because the pullback will happen...