Tuesday, 10 April 2012

Catching the Change of Trend

The best trade of the day is when I catch the change of trend. Firstly, I have to identify the trend - the trend of the chart I am trading. Next, I have to identify that the trend is changing. Once I can see that, I need to look for the trigger. And finally, I then need to squeeze as much out of the trade as I can, scaling out and reloading as the new trend evolves. Of course I want to be aware when this new trend ends and then repeat the process.

When I awoke this morning, Crude was on the move. I had to switch to a 3 minute chart as the volume was quite low and I needed a 3 minute chart to see the swings. It was the changing of trend that caught my eye. I had just let the dog out and was about to begin my morning ritual going through news and charts but the crude chart was simply irresistible.

1 comment:

  1. And practice practice practice track your results and procedure make adjustments and then practice some more. Then when you go live work very very hard track your results and procedure and make adjustments and then work harder.