Trade Recap of a Trend Line Break + Retest Strategy
I am recapping these previous trade set up. I hope my 600+ followers understand how I do my live market execution trade set ups. What I am looking for in a live trade set up is first wait for the break out. I am looking for a break out candle which closes above a trend line. Next, I am looking for a retest of the trend line.
In the examples below, retest number one is just a plain old retest and not a price action signal. I still like this retest since the candlestick wick touches the trend line and price closes above the trend line.
In retest number two, a price action signal occurs in the form of an engulfing candlestick. I like this set up better than the first one because of the price action signal.
So, my entries are when the candlestick wick touches the trend line. The best entries are when there is a price action signal where the wick touches the trend line or protrudes through the trend line. Note: Trend line has FOUR or MORE touches on the H1 Chart.
RETEST 1
RETEST 2
In the examples below, retest number one is just a plain old retest and not a price action signal. I still like this retest since the candlestick wick touches the trend line and price closes above the trend line.
In retest number two, a price action signal occurs in the form of an engulfing candlestick. I like this set up better than the first one because of the price action signal.
So, my entries are when the candlestick wick touches the trend line. The best entries are when there is a price action signal where the wick touches the trend line or protrudes through the trend line. Note: Trend line has FOUR or MORE touches on the H1 Chart.
RETEST 1
RETEST 2