Hello everyone, today i got my first tutorial on tradingview, I hope is gonna be helpfoul.
You have to follow those rules and with practice you can be a consistent trader.
RULES
1- Identify the trend and trade in the direction of the trend:
can be so simple to identify a trend using structure, you don't need any EMA or any indicators,
as the theory of Dow says we can identify a trend with those simple rules:
- if the market is making higer high and higer low, it means that we are in an uptrend
- if the market is making lower high and lower low, it means that we are in a downtrend
- if the markets has equals low and equal high it's in a range
IMPORTANT RULE:
you don't trade in ranging markets.
2- once you identify the trend you have to identify KEY LEVELS, i divide them in 3 type:
- higher and lower
- intermediate levels
- target levels
IMPORTANT RULE:
beetween your entry and the intermediate level there should be at least the same space between the entry and the stop loss, so you can put your stop loss to BE
once is hitted
3- Trade just the retest, not the impulse
Since the market can exaust in any moment, Trade only once the market alreay exaust, and you have a confermation (doji candle, long wicks candle, breaking of the high of the candle....) of a possible new impulse
4 - Wait for your pattern
pick a set of patter, in this example is B&R, and wait for it to happen, Just wait till it happen, if it dosen't you don't take the trade
5- Last but not Least, Plan your Trade ahead.
everytime you want to take a trade, plan ahead and wait for it to happen, this is the most important thing.
take only the trade that respect those rules and plan those trades.
For Following better those rules i sugges you to do a check list that you keep on the side of the monitor, and see if your trade respec everytime all of those rules, if it does feel free to take the trade.
For better result i suggest you to Backtest as much as you can, once you understand the market behaviour you can even trade live.
Trade safe
You have to follow those rules and with practice you can be a consistent trader.
RULES
1- Identify the trend and trade in the direction of the trend:
can be so simple to identify a trend using structure, you don't need any EMA or any indicators,
as the theory of Dow says we can identify a trend with those simple rules:
- if the market is making higer high and higer low, it means that we are in an uptrend
- if the market is making lower high and lower low, it means that we are in a downtrend
- if the markets has equals low and equal high it's in a range
IMPORTANT RULE:
you don't trade in ranging markets.
2- once you identify the trend you have to identify KEY LEVELS, i divide them in 3 type:
- higher and lower
- intermediate levels
- target levels
IMPORTANT RULE:
beetween your entry and the intermediate level there should be at least the same space between the entry and the stop loss, so you can put your stop loss to BE
once is hitted
3- Trade just the retest, not the impulse
Since the market can exaust in any moment, Trade only once the market alreay exaust, and you have a confermation (doji candle, long wicks candle, breaking of the high of the candle....) of a possible new impulse
4 - Wait for your pattern
pick a set of patter, in this example is B&R, and wait for it to happen, Just wait till it happen, if it dosen't you don't take the trade
5- Last but not Least, Plan your Trade ahead.
everytime you want to take a trade, plan ahead and wait for it to happen, this is the most important thing.
take only the trade that respect those rules and plan those trades.
For Following better those rules i sugges you to do a check list that you keep on the side of the monitor, and see if your trade respec everytime all of those rules, if it does feel free to take the trade.
For better result i suggest you to Backtest as much as you can, once you understand the market behaviour you can even trade live.
Trade safe