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Hello everyone! I am an advanced trader, with many years of experience (about 15 years - 10 living exclusively from this) I am going to give you some tips that you must know: There are going to be many people who tell you that trade is easy, that with only crossiing a line with another one you will win a lot of money.... and that´s not true. No, Sir, reality is far away from that. Many people who start arrive here with the hope that someone "gives them" a free method, they watch youtube videos thinking that this will give them the "strategy" and in a few days they realize that it does not work for them - they lose money - and then They go looking for a new one ... and so on. YES, IT´S TRUE YOU EARN IN TRADING, A LOT. BUT THINK: for a few to win (10% + any BROKER) many others must lose (90% people). YOU MUST HAVE A MONEY MANAGMENT FORMULA ( you can email me) People study so many years to live on this, not because they are dumb, but to know what they do, when, and have absolute effectiveness. It´s very easy to get lost here: do not disperse, jumping from one to another strategy WILL NEVER give you money, it will only waste your time and make you nervous when trading. PEOPLE WHO CHANGE THEIR METHOD CONSTANTLY : LOOOOSE ALWAYS. If you have the knowledge to develop it, take your time and do it. Always try it first on DEMO for at least 2 weeks! If not: search to buy a solid strategy (no you tube videos pleassse ! Avoid losing money! ) This is like any business, it requires some capital to start (capital = money in the broker + solid made /purchased strategy) If you are lost: I RECOMMEND YOU NOT TO WASTE TIME IN YOUTUBE, JOIN PEOPLE WHO HAVE EXPERIENCE AND IF YOU ARE GOING TO BUY A METHOD ... PLEASE !!!! DO NOT BUY 10 BAD AND CHEAP METHODS, SAVE MONEY AND BUY ONLY 1 BUT EXCLUSIVE AND MUST ALLWAYS HAVE SUPPORT !!!!! Do not buy Signals! They never keep up with constant profits! One week will win and the next will lose. Nothing that does not depend absolutely on you will give you the money you are looking for. And if you do not have a strategy (made or purchased) do not even try PLEASE PLEASE PLEASE: DO NOT USE REAL MONEY! AT LEAST 2 WEEK DEMO FREE HELP HERE!!!!! IF YOU FOLLOW MY ADVICE YOU WILL BE PART OF THAT 10% WINNER, email me. Have a nice trading day
Applying Double Confirmation on a Breakout Trade Anatomy of a Breakout Pattern The price formation of the breakout is placed where the key level has established itself. The price pushes forward to break the key level. Usually, the price approaches that level to retest its boundary. With momentum, it confirms that this price level is indeed a valid key level. A breakout trader would want to trade these breakouts especially when the price is pushed just enough to break that level. If that level breaks, the price will continue along the upwards march. But, success is not always guaranteed. As seen by an earlier sign, a false breakout can be expected because a breakout was not well established. This is when a false price can shoot above and soon after back down, both moving through the key level. This is also known as a fake out. Breakout Phase 1 The market can play either towards a full breakout or a fakeout. The trader’s patience is what is key. Plenty of discretion is needed, or it can be a dangerous game. To keep out of trouble, a trader should use the price action confirmation, in order to validate that the breaking of the key level is well established. Confirm that the price has a high enough probability in order to continue the direction of the breakout. Confirming The Confirmation Allowing the price to make the breakout, waiting for it to return back to test the key level, and finally buying the position right on the spot is a common method but not a recommended one. However, this is not safe trading, the breakout formation can naturally be discovered as a false breakout. So, we need further confirmation before we can confidently jump into the trade. Double-take on The Confirmation To establish another confirmation, take the highest peak that price achieved after the breakout and this will be the newly established confirmation level. The green light will be given if breaking out of the confirmation after the key level was successfully tested. The final confirmation will show a higher probability to succeed with the price while continuing in its desired price direction. Now, this is when the trade can be continued. Take note: while attempting to test the key level - if moved lower than the key level, then moved up, passed the confirmation level - The probability of the continuation of this direction is less. Be warned not to take the trade or rather, to take it with more caution in smaller position size. In Conclusion Wait for confirmation to understand the true nature of the break. Breaking key levels cannot be traded as is, because we may not be sure if it is a false break, a fakeout, or a real break. Always To obtain confirmation - notice the return of price back to the key level, retest it and observe whether or not it breaks the peak that was created prior to the breakout. Once the final break is confirmed, there is a much higher probability of success and it is a precise time to enter into the trade.