Each week I send my weekly watchlist to my community. This is US30 from March 29, 2020 watchlist. Although I use multiple entries I will only be showing how new traders on my team following the rules of my book should take a single entry and how the trade should be managed.
Below is the setup that was sent to the team. Please follow along to see how the trade was taken and how it was managed.
The last setup on the list was US30 firstly not because you see -500 pips means you should lose more money than if it was a -50 pips risk management ensures your stop-loss is always risking the same 1-3%. There is a particular reason I wanted to show you guys this trade although it was a losing trade.
Firstly it gapped down and triggered my Sell Stop then price went down and retraced then down again before breaking above our trendline. But many of you will probably be wondering why I moved my stop-loss to where I got stopped out since it didn’t follow with the rules of management.
So price is at LL1 and went up then came back down and found support at the green line. When trading you should trade your mind to see what plays down the road should look like and that is exactly what I did. Let me explain, look at the orange horizontal line, If price breaks above that line it could be approximately above the trendline and I wouldn’t want to be in a trade that broke a trendline in the next direction. Remember we trade trendline breaks so if we get a bullish break I wouldn’t want to be in the market at that time hence why I got stopped out there.
super interesting tip
Your Strategy looks like clean.