Live Trading Update, Retracement Entry
Hello Traders and welcome to our Live Trading Session Update. It’s Thiru Nagappan here, founder of Master the Markets, Elite Trader’s Conference, and the Trader’s Open Day.
So here we are on the table here in the one hour, remember we’re doing a very simple strategy here which is just based on Retracement Entries.
Every strategy is designed with one objective, now to increase your consistency which is always mentioned in all our sessions and workshops is that you can either increase the number of strategies that you do, or you can increase the number of instruments you trade.
Don’t worry about if it’s just a Retracement and it’s low frequency, nail strategy one move on to strategy two, that what we tell our intraday traders.
So looking here with the Retracement strategy, here as you can see trade came down at that time. Then what we traders, we put an entry over here, and then after that, we put the stop loss which is over here at the primary and then our target will be 80% of the ATR which is 90, 80% of that is 72 pips.
We will take it from the high minus the 72 and that’s my target of 1.3690.
Once you understand the concept, the philosophy behind all of this, the reason, and the logic why we continue to reproduce you can increase the stake size.
You have to see this in a very different way of thinking as well, this was just done over 11.08. Now tell me in the most profession mainly you are actively earning 100 pounds an hour if its 15 pounds an hour then your thinking of 6 hours of work.
But here it will just take an hour and it’s passive but of course you should do the groundwork and make sure your knowledge is up to speed and strong just like people who have the strength and energy with the consistent execution,
Another intraday trade taken this week, as you can see over here, we will be looking at the same concept of stretch and range based targets which we mentioned in our previous intraday sessions and live trading sessions as well, and as you can see we have the pattern that we are looking for a line with all our rules and our checklist. The place where we place the low of the bar, stop loss high, target for the screen, expectations about 1 to 1 but actual is what we’re always looking for.
So far we’re banked in another 170 altogether we have around 276 pounds the week ahead.
That’s how you consistently gain your profits and push your equity further up.
Alright a quick summary on the live trading for today, you can see that we have a break up over the stretch in the line here and then after that we’ve done the retracement over here and for the entry we’re looking for the green bar.
That’s all for me now, stay discipline, follow your trading plan, and keep trading like a master.