Trade Using Only Support/Resistance and Trend
We often get asked "can I trade without knowing more advanced charting techniques like Fibonacci?" And simply stated the answer is yes!
Here is a trade plan and execution using only Support/Resistance and Trend (known as Basic Structure). ChartPros offers a free course that walks you through Basic Structure concepts titled "Intro to Price Action Trading" that you can enroll for free by clicking/tapping the enrollment button below.
Basic Structure exists across all charts and time frames!
The screen shot in the upper left shows the confluence of trend and support and resistance that we planned to enter a short trade in our spot Forex account. The upper right shows the entry, stop loss, and planned take profit levels. The middle left shows the reward to risk ratio on this trade of 5 to 1 if all profit targets are reached (and they were). The middle right shows the first profit target reached where half the position was taken off, the stop loss pulled into profit, and the remainder of the trade riding risk and stress free. The bottom picture shows all profit targets met but not taken off yet but the stop loss pulled into profit even further seeing if price wants to go even lower to test the bottom trend line. This all happened within 12-16 hours mostly while we slept...
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