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Last modified by Drunk Monkey on 2023-01-14 05:38
From version 6.1
edited by Drunk Monkey
on 2020-06-28 19:12
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To version 3.1
edited by Drunk Monkey
on 2020-06-27 19:03
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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 -
37 37  == Introduction ==
38 38  
39 39  == Example 1 ==
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75 75  == Example 19 ==
76 76  
77 77  == Example 20 ==
78 -
79 79  
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