Live Trading Session 14/07/2021 – BO vs Ret Entry
Hello Traders, welcome to our Live Trading session today. It’s Thiru Nagappan, founder of Master the Markets, Elite Trader’s conference and Trader’s Open day.
In today’s trade, we’re looking at stretch and range. As we can see today as we talk about our previous videos we saw the upper stretch line here being breach at this ball over it it has closed on it, we have some rules when it does that when it enters the high of the bar if you are entering on a breakout entry.
However, the trades that we are looking at right now are mainly on retracement entry.
That means if we enter on the upper stretch line it does close above or closes on it. What we then look for for the retracement back into the stretch line.
So for example, if the next line went up further in the case, then after that we’re looking for at least the primary retracement back into the stretch line. On that point, what we are looking for is positioning ourselves to enter either on the primary high or primary minus 1 high.
Just based on that alone, today there have been no trades because mainly there’s no primary, and even though there’s a primary by little however this primary has got to at least go back further down on the bar.
This type of entry that we’re looking for is what we call the retracement entry as supposed to here called the breakout entry.
If you’re entering a breakout entry that is just close to the stretch line of the bar and it could be a target to the range.
Two Types of Entry
Breakout Entry- once you break out of the stretch line
Retracement Entry- we’re waiting for a primary like we’ve drawn earlier back into the stretch line again if it’s above the stretch line and into the range.
Until the next time, stay discipline follow your trading plan, and keep trading like a master.
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