Entries 2.0

Entries:

When it comes to entering the market, you need to know yourself and what you are comfortable with. Before you even enter the market you should know where your stops and take profit areas are along with your potential risk - reward ratio. This method of entering the market is my absolute favorite so far. It is a mix of both confirmation and confidence and has improved my win rate significantly. Remember once you do enter the trade, you are to sit on your hands until either one of your targets are hit or your stop loss. If you close early or you dont pull the trigger (enter) on the appropriate time then your risk - reward ratio is going to be tampered with effecting your results. This goes along side moving your stops to break even to early which is also counter productive. When it comes to moving your stops to break even you can find that explanation in the live trades i have taken or the confluence videos.


Breakdown:

Remember, for a pullback setup, you want to see the market already pulling back which will then give you a point a and b for your fibonacci retracement tool. Notice how i said tool, fibbonacci is simply just a tool in our tool box. It is useless when it acts alone, this is why I like to find which prz levels have the most confluence. This is also explained in the fibonacci section of the course. Now once you have identified your levels that you are looking to see a potential retracement. Wait for the market to pull back to that area (your killzone) and "IF" you see a price action signal then break it down to the lower time frames and see if you can identify a break of the counter trend. If the counter trend has not been broken then we simply DO NOT enter unless that counter trend has been broken. You need clear rules for your trading plan, You can also make rules that suit your style for a pullback setup, these are just mine. You always want to base your trades off of an "If" and "Then" format. Remember just because we see our setup and we take the trade, that doesn't mean the trade will be a winning trade, especially if you are not able to manage and control your emotions and tamper with your trade. The market does what it wants, this is why we simply manage our risk - reward. This is where money management comes into play, you need a strategy for money management as well. If your unclear on a money management plan then visit the risk management section.