Buy the break a 7596 or sell a failed re-test. The ranges are highlighted. Stock markets make little sense these days so I'm long as the buyers keep on calling the shots.
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My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is greater than another.
My Edge: (How I decide on if I should enter)
1) Is defined as trading in the direction of the overriding daily trend (Bullish, Bearish or Neutral)
2) In a trending marketing I look for entries at corrective price structure
3) In a neutral market I trade the upper and lower most extremes of the support and resistance levels
4) In the case of a breakout I seek an entry in the direction of the break
Next I follow 4 rules for undertaking analysis: (How I spot opportunities)
1) Analysis must clearly define a 'bias' and the parameters for invalidating 'bias'
2) Analysis must clearly provide a trade set-up with entry, take profit and stop loss
3) Analysis must debunk a trade in the opposite direction
4) Analysis must factor in sentiment and fundamental factors
So now I know my edge and how to spot opportunities the next is how to manage trades: (How I decide on the commercials of a trade)
1) Take profit should be set at a key fibonacci and/or price structure level
2) Stop loss should be no more than 3% per trade (sum of total positions)
3) Entry should feature 2 or more positions
4) Entry at market is forbidden to mitigate impulse trading (I only trade via orders)
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My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is greater than another.
My Edge: (How I decide on if I should enter)
1) Is defined as trading in the direction of the overriding daily trend (Bullish, Bearish or Neutral)
2) In a trending marketing I look for entries at corrective price structure
3) In a neutral market I trade the upper and lower most extremes of the support and resistance levels
4) In the case of a breakout I seek an entry in the direction of the break
Next I follow 4 rules for undertaking analysis: (How I spot opportunities)
1) Analysis must clearly define a 'bias' and the parameters for invalidating 'bias'
2) Analysis must clearly provide a trade set-up with entry, take profit and stop loss
3) Analysis must debunk a trade in the opposite direction
4) Analysis must factor in sentiment and fundamental factors
So now I know my edge and how to spot opportunities the next is how to manage trades: (How I decide on the commercials of a trade)
1) Take profit should be set at a key fibonacci and/or price structure level
2) Stop loss should be no more than 3% per trade (sum of total positions)
3) Entry should feature 2 or more positions
4) Entry at market is forbidden to mitigate impulse trading (I only trade via orders)