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Last modified by Drunk Monkey on 2023-01-14 05:38
From version 3.1
edited by Drunk Monkey
on 2020-06-27 19:03
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To version 7.2
edited by Drunk Monkey
on 2020-06-28 19:25
Change comment: There is no comment for this version

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4 4  
5 5  == Optimal Trade Entry Primer ==
6 6  
7 +* one of many trading patterns, one of the easiest
8 +* trading plan needs to be simple:
9 +** what's your risk model
10 +** how to frame that?
11 +** what makes your entry
12 +** what gives you indicators of bullish/bearish market?
13 +** how do you execute the trade?
14 +** how do you manage the trade?
15 +** where do you take profits?
16 +* what make the market predisposed to go higher or lower?
17 +** look at HTF (M, W, D, 4h) and look for key levels where price has moved away from in the past
18 +** HTF shows where the big players are most likely going to push things around.
19 +** LTF is too noisy to show this detail.
20 +* Assuming bullish market, we are looking for where the market wants to trade higher.  OTE is based on buying during the retracements that occur before the further push upwards.
21 +* The impulse move has to incorporate a break in Market Structure.
22 +* Using Fib Retracement as a visual guide, set the following levels
23 +** -1 - Symmetrical Price Swing
24 +** -0.62 - TP2
25 +** -0.27 - TP1
26 +** 0 - First Profit - Scaling
27 +** 0.5 - Equilibrium
28 +** 0.618 - 62% retracement
29 +** 0.705 - OTE 70.5%
30 +** 0.79 - 79%
31 +** 1 - 100%, or likely SL
32 +* OTE (70.5%) is an ideal target.  getting deeper is better, but you run the risk of not filling your order.  62% retracement is also acceptable, but it results in smaller profits because our SL range will be larger, necessitating smaller order sizes to maintain our risk profile.
33 +* First Scaling, or slightly before, represents the place to take initial profits.  It should be a decent return, preferable better than 1:2 risk/reward, but slightly less than 2 (1.5? 1x75?) is also acceptable.
34 +* Setups on 1h charts better than 5m charts because the pip movements will be larger.
35 +* Key levels xxx.00, xxx.20, xxx.50, xxx.80, yyy.00
36 +* Place the fibs on the body of the candles
37 +* Market structure - example given:
38 +- monthly view
39 +[[image:Screenshot 2020-06-29 at 03.11.56.png]]
40 +\\- daily view
41 +[[image:Screenshot 2020-06-29 at 03.14.02.png]]
42 +\\- 15m view[[image:Screenshot 2020-06-29 at 03.06.46.png]]
43 +* Note the following:
44 +** institutional levels
45 +** old monthly high at 1.1720 (1.17137 rounded)
46 +** price runs down until it hits the 20 level (1.1720), rallies and creates a new short term high (old - middle red line, new STH, top red line.
47 +** the new STH makes for a more likely trade opportunity. (market maker model) and opens up the chance for an OTE.
48 +**
49 +* when old highs/lows are broken, trades will tend to reach back to those old positions (retail calls it "support")
50 +
7 7  == Introduction ==
8 8  
9 9  == Example 1 ==
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45 45  == Example 19 ==
46 46  
47 47  == Example 20 ==
92 +
48 48  
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