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Here's the promised Post. As I have gotten passed the 2k Followers mark I am giving out this info to celebrate it .
So basically, I’ll be breaking down one straightforward trading approach that both newbies and pro traders can use to trade more profitably.
To understand what I’m about to explain, you first need to know these terms:
• BOS : Break of Structure
• CBOS : Confirmation Break of Structure
• Trend
• ChoCh : Change of Character
• Psychological Levels : price levels at recurring intervals like the 100s or 50s. In this case, we’ll focus on the 100s since they align better with the current volatility.
This strategy is simply trading Psychological Levels that have a Breaker Block attached to them, and this setup has proven to be strong.
Step 1: Use Market Structure to determine your bias.
I do this by looking for a second Break of Structure after the initial ChoCh( this is a Confirmation Break of Structure) in the overall structure, while also observing the general trend.
Step 2: Confirm your bias with fundamentals.
Once you’ve established your bias using both Market Structure and fundamentals, the next thing is to wait for the setup to appear.
Step 3: Execute the trade.
Once the setup forms, all that’s left is to strike.
I’ll be sharing more straightforward trading approaches and models here from time to time, along with charts and pictures to make everything easier to understand.
Manager Elvis@Phitogram
Choch X Head and Shoulders Pattern with Psychological Level. I would be writing a post about this . Crazy how I closed this trade before it even hit TP, psychology is crazy fr.
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