HERE I HAVE PREPARED AN EDUCATIONAL POST ON MY TRADING CONCEPT. THE WAY I TRADE IS PRETTY SIMPLE. I LOOK FOR IMPULSE AND CORRECTION ON A CHART AND PLACE A TRADE BASE ON THOSE INFORMATION.
IMPULSE: IT IS A SERIES OF LONG CANDLES WITH STRONG IMPULSIVE MOVE AND THEY ARE USUALLY VERY FAST.
CORRECTION: IT IS A SERIES OF SHORT CANDLES WITH SLOW MOVEMENT AND TAKE A LONGER TIME TO MOVE.
ONCE I IDENTIFY A CORRECTION, THEN I CAN ANTICIPATE THE NEXT IMPULSE SO IT MAKES IT VERY EASY FOR ME TO GET INTO THE MARKET WITH THE BEST POSSIBLE ENTRY AND A MANAGEABLE RISK.
I HOPE THESE INFORMATION ARE HELPFUL. I WILL COVER MORE DETAILS IN THE NEXT POSTS ON HOW TO IDENTIFY THESE CORRECTIONS TO BE ABLE TO ANTICIPATE THE NEXT IMPULSIVE MOVE.
HAVE A GOOD WEEKEND ALL.
You need to identify the bigger patterns before looking at smaller patterns.
The reason price failed to break up us that the price was at the top and that's the reversal point to downside.
Maybe you starts from monthly and then lower timeframe and see if you understand my point.
I hope this helps you.