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Entry Strategies and Position Size

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FIGURE 6.7 Short Setup on Higher Time Frame Daily Data

Figure 6.8 is the 60m data for January 15-16, just following the higher time frame daily momentum bearish reversal. The morning of January 16, the EUR/GBP tagged the 61.8% price retracement just a couple of bars short of the 100% time retracement. The pattern up has all the characteristics of a correction. The 60m momentum made a bearish reversal to complete the setup to initiate the Tr-1BL entry strategy on the 60m data. Two bars after the 60m momentum bearish reversal, the Tr-1BL is taken out to execute a short trade with the initial protective buy-stop one pip above the corrective high. If you want to make real money trading, trade the major trends. There is probably no better trending market than currencies (Forex). Trade the weekly/daily setups for the major trends. Trade for points, not for ticks, or, in the case of Forex, pips. Figure 6.9 is weekly EUR/USD data. As of the last weekly bar on the chart, the weekly MACD made a shorter bar from below the signal line, a bullish reversal for the MACD. Since the MACD doesn’t have OB and OS zones, we have to wait for a momentum reversal (shorter bar from below the signal line) before we can consider it has made a higher time frame setup.

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(wiley trading) robert c miner high probability trading strategies entry to exit tactics for the for  

(wiley trading) robert c miner high probability trading strategies entry to exit tactics for the for  

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