How do you guys prepare for potentail set ups?

FX:GBPNZD   British Pound / New Zealand Dollar
89 9 4
Hi there,

I am curious how you guys prepare for potential opportunities in the market.
I usually draw it out as in this sketch. Most of what I draw I delete, because nothing will form, the patterns will get invalid and so forth. But when it does happen I am on my toes and ready to strike.
What´s your process when getting ready to strike?

I am really curious...

Good luck this week in the markets...
nice and colourful Johan hehe
johan.larsson Ian.Watts
Thanks Ian, I wish we could get animation too ;)
When it comes to patterns, I don't draw anything until at least the C leg has formed and price start retracing to form the D leg. This way I avoid drawing too much stuff but am ready whenever the pattern will complete (If stop size is too big and I need to let price come to me for example ... )... But always good to be ahead of the market ... :)
johan.larsson journeyofarookie2.0
Morning Florent, Thanks
All good points :)
I am a visual person so I kind of need it on the charts not to forget it, hehehe... just me though.
Take care
shah-n journeyofarookie2.0
That's Correct, I don't draw them in till it's formed the C-leg and we have the retracement towards D, 90% of the orders get filled, I only day trade between 8-11 in the morning than all swing trades for me mainly on 4hr and 1 hr, but with 15 min charts you will have to keep an close eye on them which means you glue yourself to your computer lol.
Ok cool, thanks Shah.
I understand now, and we do pretty much the same :)
Interesting to hear how other traders are treating potential set ups....
Morning Johan, With patterns as soon as it's broken the B-leg I set my orders and wait for them to be filled, If the pattern gets invalidated after I just cancel my orders. Hope this helps.
Morning Shah, Thank you.
You must have a s_ load of limit orders going on :)
Do you have some kind of ATM-strategy to validate if, and when the orders should execute, or how does that work?
When the the pattern is working on its last leg I usually use the alarms here in tradingview to alert me when the pattern almost is complete, (depending on the time frame), and then I set a limit order for the entry, with calculated TPs and SL.
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