Trading is difficult. it takes patience. the key to a successful trade is planning.
in this chart we do away with diagonal trend lines . all we are looking at is the horizontal support and resistances.
to keep trading simple you have a thesis, stick to it and execute on it. you breakout from either support or resistance that will be your signal to begin to watch the charts for your trade to develop. you need to have the patience to wait for a retest and bounce off the horizontal line and the price to break past the retest pivot
waiting for your thesis to play out and always using stop losses in this case right below the support/resistance lines that the price broke from will keep your stack safe and your losses small.
in turn (not shown on this chart) you can also take the short and long trades based on price tagging the support (short) or resistance(long) lines.
good luck trading
ELM Trading Group
in this chart we do away with diagonal trend lines . all we are looking at is the horizontal support and resistances.
to keep trading simple you have a thesis, stick to it and execute on it. you breakout from either support or resistance that will be your signal to begin to watch the charts for your trade to develop. you need to have the patience to wait for a retest and bounce off the horizontal line and the price to break past the retest pivot
waiting for your thesis to play out and always using stop losses in this case right below the support/resistance lines that the price broke from will keep your stack safe and your losses small.
in turn (not shown on this chart) you can also take the short and long trades based on price tagging the support (short) or resistance(long) lines.
good luck trading
ELM Trading Group