Perfect Beginner Trading Strategy (A Brand New Way To Trade Double Tops...)
Published: 2021-06-25
Status:
Available
|
Analyzed
Published: 2021-06-25
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker expects the EUR/USD currency pair to reach approximately 1.175.
"my expectation is that we get down to around the 1.175 area on this currency pair"
Pending
A specific rule for identifying a double top involves marking the top of the bodies and wicks of the first peak, and then looking for the price to at least touch this 'termination zone'.
"for my own personal objective rules as soon as i see this first top made i put a horizontal line at the top of the bodies of that first top and a horizontal line at the top of that first stop as in the top of the wick of my first top what i want to see is price push up and at least touch my termination zone"
Pending
A key rule for this double top strategy is to avoid a candle closing above the previously established 'termination zone' (the high of the first top).
"what i do not want to see is a push-up and then a candle close outside of my termination zone"
Pending
For a valid double top trade setup, the price must break and close below the neckline of the pattern.
"i need the market to break below the neckline and close below it"
Pending
After the neckline is broken, the strategy requires a pullback to the neckline followed by a red candle to confirm selling pressure for entry.
"i need the market to pull back at least touch the neckline with a candle and then i need selling pressure and selling pressure for me is just a red candle with this strategy"
Pending
The speaker anticipates the EUR/USD to reach the 1.175 level.
"my expectation is that we get down to around the 1.175 area on this currency pair"
Pending
A prerequisite for applying this double top strategy is the prior creation of a new lower low in the market.
"what i look for before looking for this exact entry that i showed you on the aussie dollar and we're going to go over again here is i want to make sure that we just created a new lower low"
Pending
The primary condition for this trading strategy is that the market must first establish a new lower low.
"our first condition is the market must make a new lower low"
Pending
When identifying the first top for a double top pattern, horizontal lines should be placed at the top of the candle bodies and the top of the wicks.
"i want to place a horizontal line at the bodies and at the top of the wicks of that first top"
Pending
After a double top pattern breaks its neckline, the entry signal is a pullback to the neckline that forms a red candle, indicating selling pressure.
"i want to see the market push back up to the neckline which it eventually does and give us a red candle with that doji right there that is a nice candle it's a doji but it's a red candle and that's our rule selling pressure is just a red candle"
Pending
The speaker uses a stop-loss placement of one Average True Range (ATR) above the entry candle.
"for stop losses i use one atr above my entry candle"
Pending
The target for this trade is the next identified support level on the chart.
"i want to target my next support level which is right down here"
Pending
Many new traders have unrealistic expectations of making 100% per month.
"traders are coming into the market thinking they're gonna make 20 60 like this guy 100 per month"
Pending
Achieving 100% monthly gains on a trading account would result in astronomical wealth, far exceeding that of the world's richest individuals, within a few years.
"if you could start with 2 000 turn into 8 million in a year then imagine what that 8 million turns into the next year within three years you're the richest person on the planet if you can make 100 percent gains every single month"
Pending
Beginners in any financial market must first learn the fundamental basics.
"the basics is the first thing you need to learn if you're a beginner in any financial market"
Pending
Following the basics, the next crucial step in trading any financial market is to master technical analysis.
"after understanding the basics the next step in any financial market that you're trading is to understand and master technical analysis"
Pending
Risk management is an often overlooked but critical component of trading, following strategy optimization.
"next after we optimize a trading strategy is some of the most important parts of trading that tend to get overlooked by almost everyone that starts out and that is firstly risk management"
Pending
Trading psychology is considered the most important aspect of successful trading.
"and finally the i would say most important part of trading is having good trading psychology"
Pending