place a stop loss somewhere for a reason. Heres what I want you to do right now Get my free training video where youll learn how to identify high probability trading setups (include trading techniques that you can use to profit in the markets immediately). Ive got good news for you. Please Share this Rabbit Trail Channel Trading Strategy Below and keep it for your own personal use! Support Resistance, and this is the definition of it: Support an area with potential buying pressure to push price higher (area of value in an uptrend).
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This is where, support Resistance comes into the picture. You are trading with the underlying momentum. Vice versa for Resistance. So thats why we have what is called a breakout. If you are throwing in stop losses 5 to 10 pips from your entry order just because someone told you to do it, then you are without a doubt treading some dangerous waters. This breakout happened on the top of the channel. Sorry for that rabbit trail, lets get back to this strategy! Rule #2 Identify If there is a Breakout of a channel on a 1 hour chart. Do you want to find high probability trading setups? But ultimately, your trading strategy needs to answer these 7 questions:. Think about the sayings you have heard since you were a child, Patience is a Virtue, Or Good things in life take Time Just be patient and wait This trade would not have burned you, but countless other trades would have! Our lines are drawn, we identified the breakout, and waited for the pull back.