How to Profit from Trading Pullbacks within a Trend Part 2 👍 Video
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More Trading of Pullbacks. http://www.financial-spread-betting.com/course/what-is-a-trend.html PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! In the last lesson, we looked at the expected pullbacks in a trend, and decided that commonly you will see three separate and different pullbacks. In this lesson, we look in detail at trading the first type of pullback.
Firstly, we need to consider the expected traits of the first pullback. No two pullbacks are the same, so anything we note here isn’t a rule, but just a suggestion or observation. But generally you will see that the first pullback is quite often the shortest of the three in terms of time.
You may also find that it’s the least amount in terms of price. Looking at typical charts, you should expect that the first pullback is certainly no more than 50% of the initial trend. If it’s any more than that, then the strength of the trend is in doubt and you’re probably wise not to trade on it.
If you want to check on suggested levels of pullback, you may choose to put some Fibonacci lines on the chart between the beginning of the trend and the first reversal point. Commonly, the pullback might be about one third of the first push.
So to trade you need to decide on two things, the timing of your entry and the position of your stop loss, should the trade not work out. There are several ways that you can look for an entry point, indicating that the retracement of the pullback has reached its conclusion.
One way is to look for a double bottom pattern, which is when the price comes down and goes back up again twice. Often this will signal the reversal and resumption of the uptrend – basically it is establishing a support level for the price, a support that is confirmed by the second touch.
Another way to look at the chart is to plot a trend line on the pullback. This is a trend line on a short downtrend, and therefore it is a line sloping down connecting peaks of price. If you have several peaks to connect, and you draw a straight line, you may consider it a good entry position to buy into the market when the price comes back up through the trend line. In the video example, if you had entered at this position there would’ve been some sideways movement before the trend resumed, but there would still have been profit to be made.
Thirdly, you could keep it simple and simply use the price crossing a moving average as the trigger for a trade. It works quite well both on the intraday and on the short term trading charts to use an SMA(20) for this purpose. Just plot the simple moving average on the chart, which will follow the pullback downwards, and when the price comes back up through the average you can make a long trade.
There are various ways that you can set the stop loss. For instance, you might choose to force a trade exit if the price comes below the 50% line of the initial trend. We look at stop losses in a later lesson.
Related Videos:
How to Trade Trends and Build a Trend-Based Trading Strategy! 👊
https://www.youtube.com/watch?v=tMfCMTY5TN4
Guide to Trading Pullbacks within a Trend Part 1 👍
https://www.youtube.com/watch?v=aRP6jE6ydgk
How to Profit from Trading Pullbacks within a Trend Part 2 👍
https://www.youtube.com/watch?v=wGJH4pUbaHw
PullBack Day Trading Strategies Part 3 👍
https://www.youtube.com/watch?v=zR9CzWOzSQU
How Can You Determine the Strength of a Trend? Part 1
https://www.youtube.com/watch?v=XbwNTmj4b3Q
How Strong is the Trend? Pullbacks: The Trend Strength Indicator Part 2
https://www.youtube.com/watch?v=WAqg-yUui9U
Powerful Techniques to Determine Trend Strength: Analysing Past Levels of Support/Resistance Part 3
https://www.youtube.com/watch?v=eBBJKbsO8Po
Tactics for Buying Pullbacks In Strong Trends 👊
https://www.youtube.com/watch?v=QnSAfyZtkj4
How to Get On Board a Trade You Initially Missed 👍
https://www.youtube.com/watch?v=n6Ad0hI3zCE
How to Deal with Missed Trading Opportunities! Missing Good Trading Setups!? ☝
https://www.youtube.com/watch?v=BodUCodESFU
Missing Entries, Entering Trades Late; You've Chased a Market...now What? 🤔
https://www.youtube.com/watch?v=GT17JEO5GYw
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