Trading pullbacks with trendline break.
First target is previous high / low.
Be selective: for example if the MA's are flat there is no clear direction, move to another pair or other timeframe if you notice this.
Stop Loss: can be previous high/low or even better one before. If you scale out on 1st target do not forget to scale out also when the trade moves against you otherwise you will take a full SL, in other words your
moneymanagement is out of balance. If price crosses the red/blue MA be careful this can be a change in trend.
Why trade pullbacks?
- We want a proper price/entry= no chasing.
- We will wait for a proper move first.
- When the breakout traders or indicator traders (when all 15 indi's ailgn) enter we can bank our first target.
- ZOOM OUT!
Version 13-3-22. Added MTF SD zones and AO histogram (for peaks and valleys/plotting trendlines-pullback). Switch timeframes and see how price moves/bounces at the SD zones. MA's are used as a 'trendline'. MTF SD zones are set to 15M 1H and Daily in this template. When they cluster with a round number head's up.