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My trading strategy have two type .
1st type is Retracement and 2nd is break out strategy. Personally I like to trade Retracement Strategy. both stratergy have pro and con either.. you can refer MEGB trade plan is break out strategy, Dsonic trade plan is retracement strategy.
Break out strategy
Positive : The prices is moving fast and accelerate, you may not need to hold for long time due to the limited capital, fast to hit TP
Negative is : need very focus and a skill full to enter and stop loss, risk also relative high and not suitable for those don't or not willing to stop loss if trend again them.
Detectable : very easy to recognize.
Example :
MEGB
http://klseelwavetrading.blogspot.com/2014/10/megb-will-fly-on-this-week.html?m=0
IJACOB
http://klseelwavetrading.blogspot.com/2014/10/ijacobs-0162-correction-completed-and.html?m=0
Retracement
Positive : Risk to reward is good deal, no rush and relaxing trade enjoying coffee....
Negative : Need to take some time ended consolidation and to hit the target prices, need to have holding power, not suitable to limited capital
Detectable : Need very skill-full trader like me to identify ( Hahaha)
Example :
Dsonic
http://klseelwavetrading.blogspot.com/2014/10/dsonic-is-at-optimum-level-to-entry.html?m=0
Solution
http://klseelwavetrading.blogspot.com/2014/10/it-time-for-solutn-0093-to-roar.html?m=0
YGL
Break out away from resistance RM 0.33 and RM 0.345 , this prices action was form a wave 3 and wave C confirmation, which were give me an endorsement the price is heading to 0.425 for wave 3 follow by wave C target : 0.46/0.59.
My trade plan
Early Stop loss : 1 Candle close below 0.345
Late Stop loss : 1 Candle close below 0.330
Very Consecutive Target : 0.425
1st Target : 0.465
2nd Target : 0.59
My trading experience :
Stop loss is the limit for me to refer , if the trend is go again me after I committed my money in to this trade, I will close my trade and have to take the losses according to the market situation.
I will check my risk to reward for each trade, meaning is how much I can gain vs the loss I willing to take, I trade like business man... good luck to me
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