Tra
Trading Strategy - Setup 2
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Setup number two is designed for trend continuation.
"setup number two which is a trend continuation setup"
Oct 18, 2020
Pending
Setup 2 focuses on identifying and trading with existing trends.
"for setup number two we're actually looking for trend continuation"
Oct 18, 2020
Pending
A prerequisite for Setup 2 is that the market must be trending below the 50 EMA.
"market must be trending below the 50 ema"
Oct 18, 2020
Pending
For Setup 2, the market needs to pull back to a major structural level to the left that can act as resistance.
"we have to pull back to the next major level of structure looking left that could provide resistance..."
Oct 18, 2020
Pending
Major structural levels are defined as recent levels that have been tested multiple times.
"major levels of structure as a recent level that's been tested multiple times"
Oct 18, 2020
Pending
In Setup 2, a recent level of structural support has been broken.
"we have a recent level of structure support that was broken below"
Oct 18, 2020
Pending
When a level previously acting as support is retested as resistance, it's a strong indicator for trend continuation downwards in Setup 2.
"this level has been tested multiple times as support and if the market gets back up into that level ..."
Oct 18, 2020
Pending
Setup 2, like Setup 1, uses the 50 EMA, structure levels, and multiple time frames.
"we're not only utilizing the 50 ema and structure levels we're also utilizing multiple time frames"
Oct 18, 2020
Pending
Utilizing lower time frames in Setup 2 allows for capturing a quick push from a zone, enabling targets to be hit.
"if we go down to lower time frames we can get a little push out of this zone and this will hit our t..."
Oct 18, 2020
Pending
On lower time frames for Setup 2, the speaker looks for signs of selling pressure.
"at this point on those time frames i would look for selling pressure"
Oct 18, 2020
Pending
A momentum candle for Setup 2 is characterized by closing below the previous candle with a predominantly red body.
"this is a momentum candle that closes below the previous candle and most of the body of the candle i..."
Oct 18, 2020
Pending
A tiny bottom wick on a candle in Setup 2 indicates that bears were in control at the candle's close.
"the bottom wick is tiny if we have a small bottom wick that means at the close of this candles bears..."
Oct 18, 2020
Pending
For Setup 2, an entry can be taken on the close of the momentum candle or the open of the subsequent candle.
"the trade itself here would be on the close of that candle or the open of the next candle we would h..."
Oct 18, 2020
Pending
In Setup 2, the stop loss is placed a few pips above the identified zone.
"we'd have a stop above our zone by a few pips"
Oct 18, 2020
Pending