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By Rayner. When the price is in an uptrend, you should stay long. When the price is in a downtrend, you should stay short. Trade in the direction of the general market. Resistance — an area with potential selling pressure to push price lower area of value in a downtrend.

Alternatively, it can come in the form of moving average. A breakout is when price moves outside of a defined boundary. Breakout to the upside: Breakout to the downside:. Thus taking advantage of traders who are trapped from trading the breakout. Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined by the maximum dollar amount you are willing to lose. You need to identify the current ATR value and multiply it by a factor of your choice.

In the example above, the ATR is 71 pips. A structure stop takes into account the structure of the market and set your stop loss accordingly. Support is an area where price may potentially trade higher from. If you want to learn more, go read 13 ways to set your stop loss to reduce risk and maximise profits. The market is in an uptrend, and price retraces to an area of support. You can take mediocre trading setups , and still make money in the long run. Because here comes the exciting part….

If price pullback to an area of support, then wait for failure test entry my entry trigger. If a trade is entered, then place a stop loss below the low of the candle, and take profit at nearest swing high my exit and profit target.

Past performance is not an indication of future performance. Please do your own due diligence before risking your hard earned money. Secret Bonus:. If you trade a variety of markets, you want to be aware of the correlation between markets. Now if you wanna discover some of my intraday trading secrets, then check this out: Intraday Trading Techniques That Work. However, the range of the candles on the pullback will give you a clue. Usually, on a pullback, the range of the candles are relatively small.

Whereas, on a trend reversal, the pullback candles tend to be large. If you want to discover my trend reversal trading strategy that actually works , then click on this: The Trend Reversal Trading Strategy Guide. They say the trend is your best friend but I say trading with Rayner is your best mentor! Thank you Rayner, your help is appreciated as learning to trade is so difficult.

You put things simply and the charts help visualise what you mean. I trade only in Indian Markets. Do the principles apply equally to the Indian markets? Can i use the backtest help for Indian Markets also? I am a full time fx trader very profitable and I can confirm the wisdom in your words for myself.

I distilled the same the hard way lots of trades [trial and error], lots of research[good theory vs bad], actual boom and bust and boom again[you learn when you have lost lots of real money! Trading is not huge mistery when you understand the basics and know where you are in context of the high timeframes. I would mult-timeframe analysis to the article to make it more holistic for any trader wishing to make the change to be effective and thus financially successful thereafter.

Trading boils down to a few essentials, and really understand it inside out. This article on how to find high probability setups is very useful. However, I have several clarifications to make which I hope you can enlighten me. Will I still be able to make use of the techniques you used?

For 1 min charts, which EMA combinations will you recommend? But while the charts are being formed, how do I know whether the pullbacks are temporary and will continue upwards for example or will the pull back become a trend direction change?

When can I add on positions rather than cut loss in case trend reverses? But the charts here are simply to illustrate a point, and not make trading seem easy. What you can do is to wait for a candle to close in your favor, before entering your trade. Hi rayner,thank you so much for giving your time and expertise to help others. Every bit of this article is well understood, and it is a beautiful one. I appreciate your for that.

But the area of trading with trend is still a bit confusing to me. I wish I had met you years ago, but like all student traders , we need to loose to be able to learn. Hi Rayner The article is so truth in trading. It is so transparent no bull, pardon my word It so useful as a guide in trades. God bless u abundantly! Thanks and appreciate. Clear essence from trading comes from wisdom from a real trader.

I have been trading stocks for five years, many up and downs, looking what can works, and realize it all comes down to the 7 points u mentioned. Hi Rayner, you are one of Singapore up and coming young trader, keep up the good work, hope to meet you in person one day. Most of the charts you have posted are yearly charts, Traders dont hold any stock for years only investors do that.

Few things works on just papers not in reality. Go check out Steve from Newtraderu. He trades on the daily charts and holds his trades for days, sometimes weeks. Or Gary in my facebook group. He trades the daily chart and holds his trades from a few days to weeks as well. You are doing great work here. All you Ave said is true. True that. Good writing for reading and understanding the trading strategy.

Really appreciate you are sharing your thoughts and knowledge in trading. But i need a few recommendation from you, as a retail trader, im looking to plot my trading logs whether profit or loss on monthly basis. In trend trading, how do i define risk reward ratio? What time frame do you think would work the best? In order for me to track my losses or profit monthly basis.

Great article. I have learnt a lot. Greatful for your response. Great article and video. There is one very important aspect for most traders including myself is FEAR. Any advice. Thanks for your time and work. Hi You posted Amazing trading aspects. I have been following similar trade setup. But, on reading this post, i have fine tuned my trading plan. Without any doubts, i have confidence to improve my trading result with your inputs.

This is fantastic. You mention that you take profit near the swing high in an uptrend. How exactly do you determine this point? Hi Rayner It is a masterpiece article. Very useful in summarizing the key strategies for a high prob trade. It is helpful. You have a good day Thanks.

Hi Rayner, this is dr. Nice write up bro, but i am trying to focus more on pure Price Action trading especially at Support and Resistance areas only. I dont need lagging indicators except maybe for Moving Averages for now. Is that what you are into also? I applied for your Free book on this same Price Action but i am yet to receive it. Thank you. I trade in a similar manner. Am short of words…HMM. Ur materials are so simple and easy to understand.

You are such a blessing to me. God bless you richly and make you great and strong. You are my mentor. I started following your article and your way of tutorial is so easy to understand and such a big help for me as a newbie. Hope to learn a lot from your trading guide. Thanks for sharing your knowledge.

Keep it up. Hi, Rayner sir, really above information that you gave so good. I want more information about swing trading and position trading. Can you provide it by makin video. Thank you for sharing this is very helpfull for me as a newbie. GOD bless you and more success! Thanks for the work and teaching u have done.

Just a quick question that Im trying to get my head around, do you need to enter every trade set-up that comes along or do you enter when you have time? The reason I ask this is that taking a set-up during a range bound market can easily get you stopped out but the next entry could also be the start of a trend.

If you had taken every set-up you would be in right at the start of the trend even though you would have your share losses getting there! Does that make sense coming from a Nubbie? Hi thank you for sharing your knowledge. I learned a lot and it inspired to make my own trading technique to be successful also. Continue to Bless other people. Nice job you are doing SIR, Great Article, so easily graspable looks like newbies like me can also earn profit in the market.

Despite all these, trolls still appear. Keep up the good work as a lot more people are grateful. Thanks man But I thought u are going to send it in a pdf format so we can read it over again as much as we want. Can you please enlighten me? Thanks so much Boss, the knowledge really help. And what about this, Is it advisable to be entering trade orders with every pullback the trend is making, so as to have up to 2 or 3 trade orders running on that single pair and trail your stop loss as the trend continues?

Thanks so much entering into forex trade one months now every thing looks strange but I believe with time and following someone like u I will be there some day. Hi Rayner. Thank you so much for everything you are teaching us. I want to add an indicator that can help me see the temporary reversals before the price reach my major support and resistance.

Which MA can you recommend to add on my daily chart to determine the trend? Awesome rayner, i have been trading for years now but i have not been able to develop a strategy that works.. Hi, how do you set your scans to for breakouts and deep buys? I mean what parameters do you use? I am currently using Finviz. Where does the line start from? Thanks a lot for your generosity in knowledge.

God bless you abundantly both health wise and materially. It also analyzes reviews to verify trustworthiness. Top reviews Most recent Top reviews. Top reviews from the United States. There was a problem filtering reviews right now. Please try again later. Verified Purchase. I watch Tim everyday on tasty trade. I don't agree with everything he says, but I find him entertaining as a permabear hoping Black Monday happens everyday.

I enjoyed the book, though it is a bit bias toward downside set ups. I would caution those who attempt short in a bull market because there are fewer opportunities compared to the bull side. I have been following Tim Knight for a few years now and his knowledge and instruction has improved my trading tremendously.

Author, Tim Knight, explains that, "The goal of this book has been to study a variety of common chart patterns," p. The book is also comprised of important, secondary material: an introduction to technical principles; a brief trading autobiography; stop-loss and trading rule suggestions; musings on being a bear, and other insights. Let me first comment on the secondary material. The short introduction is excellent for a novice. The writing explains, with simplicity, clarity, and precision--not too surprising, coming from an author of twenty books--the basic principles of technical analysis.

I would probably have taken this introduction for granted if not for a personal experience. This summer, I gave student from Rollins College a crash course in finance, covering both technicals and fundamentals. His reading list included several chapters from an introductory and comprehensive book on technical analysis. He once mentioned, "After having gone through half the book, once I finally induced what the author meant by bullish and bearish, it became a lot easier to understand.

Arduous hours of confusion could have been avoided if the book's introduction were to have explained the two terms we all take for granted. Had "High-Probability Trade Setups" been published in June of this year, it would have been my first choice for poor Sam. Moving on to the autobiographical section, Tim Knight writes, "Every trader has a story, and I think it's helpful to understand a particular trader's narrative to better grasp what they have to say about the markets.

It includes his perspectives on the internet boom, the dot-com crash, the housing bubble and great recession; it also includes personal tales, such as how the founding of his business, Prophet, was aided by a fortuitous encounter with Andy Bechtolsheim, cofounder of Sun Microsystems, a year prior. All the sections, although seemingly disparate, are related. An entire chapter is dedicated to setting stop orders, a critical practice.

Many of the patterns covered earlier serve as examples and guidelines for setting stops. In that chapter, the reader will encounter this valuable advice, "The price you choose for your stop-loss should be based on this one question: At which price is my basis for holding on to this position violated? Another noteworthy insight is provided earlier in the work, "You will never get rich being a bear.

However, the comment--perhaps due to its phrasing and coming from a bearishly inclined individual-- resonates against the proverbial big picture, and can perhaps influence one's general trading philosophy. The Main Topic and How Its Coverage Compares with Other Books In the Patterns section of the book, one chapter is dedicated to each pattern, for example, cup with handle, diamonds, flags, head and shoulders, etc.

The structure remains the same for each chapter, which is comprised of four subsections: Definition of the Pattern; Psychology behind the Pattern; Examples; Summary. This systematic treatment makes the book easier to read, comprehend, and return to for reference.

I am aware of four popular comprehensive books on technical analysis. Tim Knight's book focuses on one topic, chart patterns; however, all the books mentioned have sections dedicated to them. So, allow me to propose and then answer a consumer question: "Why should I buy Tim Knight's book if I can get the same information from books that also cover additional topics? The ratings are as follows: 0. The book does not make note of this criterion 1. The book covers the criterion well 2. The book covers the criterion very well 3.

The book covers the criterion very well, and definitively better than the others. Any score of 0 does not reflect some deficiency; rather, it is due to a conscious choice by the author s to not incorporate that criterion into their treatment of the subject. Amazon is not table friendly, so I apologize for the "table's" unaesthetic formatting.

Consumer Profiles and Recommendations So where does all of the above leave us? I would make the most enthused recommendation of this book to someone who is completely new to technical analysis and who wants to test the waters. This book has all the information--although human guidance is important--a person, novice or expert, needs to practice technical analysis, without being overwhelmed by overlays, indicators and methods.

I have concluded that trendlines and types of resistance and support moving averages, retracements, and previous highs and lows are everything a successful technical trader needs. Chart patterns are predefined combinations of trendlines. Many technicians revert to simplicity after frustrated forays into the complex and the arcane.

Elliott wrote, "And at the end of all our exploring, will be to arrive where we started, and know the place for the first time. It can serve 1 to learn and review classical patterns and 2 to check the various real-life chart examples provided and see how they match with a pattern one has identified in real-time and is contemplating for their own trading. Finally, for those on the fence, I appeal to the secondary material already discussed.

There are also other aspects and musings of the book I did not cover in this review. Knight's engaging biographical material is a treat in itself; his decades of practice and observation have garnered trading insights worth reading; and the material is useful to both novice and experienced traders. I pay "High-Probability Trade Setups" the highest compliment an individual informed by financial culture can: it exceeded my expectations.

To read more reviews, vist [ Pro - interesting history of the author and Prophet Charts - help with undocumented Prophet features - useful discussion of going short vs. This is an excelent book for the non-professional. It is very helpful and a very easy read. I gained a much better knowledge of trading stocks with this book. This book presents the popular patterns with tons of chart examples to support the explanation.

Furthermore the author illustrates the psychology of investors going through each phase of the pattern formation. The book is a bible of patterns pure and simple and would be an excellent addition to both beginner and experienced traders. After reading this book you should become better in spotting formations and more confident in trading them. I would also strongly recommend to use the software mentioned in the book "Prophet Charts" and to follow Tim's website at [ This guy loses money every day how can the book be any good.

I have watched Tim Knight trade and lose money for three years now. Do your elf a favor and buy another book. See all reviews. Customers who bought this item also bought. Mark Minervini. Carolyn Boroden. Technical Analysis Using Multiple Timeframes. Brian Shannon.

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There is a caveat I need to add though. If you see heavy volume after a stock already moved up big, it could indicate that the price may have reached the top. You usually see this after a parabolic move up or down in a down-trend. Ideally, you want to see high volume pushes at support and resistance zones. The high volume increases the probability of the stock reversing and moving away from these zones and thus creating a new trend.

One of the most common patterns you see in stock trading is ascending or descending triangles. The triangle is formed by a trendline that is moving towards horizontal support or resistance area. Many trading guides will tell you to buy the breakout over those resistance or support zones. However, I recommend to buy at the trendline though and anticipate the move of the price before it happens. More often then not you will see fake breakouts over support or resistance areas where price comes right back down and reverses.

Hence, the chance of losing money by buying breakouts is much higher than by trying to anticipate it. You can take the same concept and turn it around on the move down towards a support area with a descending triangle. If the stock had a big down move before the descending triangle, there is a high probability it will fall through the support zone. This strategy can be applied both ways.

Either you wait for a pullback to VWAP Volume Weighted Average Price after a bullish upward move with a lot of volume , or you ready for a bearish downward movement. Watch out if VWAP kicks in as support or resistance. There is a high probability that the stock will get back to the high of the day or low of the day, depending on the direction you trade this strategy.

A day trading strategy that you can use in the morning. You first search for a stock that is gapping up opens higher or lower than the previous day close price. Usually, you can see an early morning sell-off because of shareholders that were in that stock from the previous day want to take profit, so there are more sellers than buyers.

You wait and see if a wedge is being formed, meaning two trendlines that meet each other, even better when this happens into a well-known support zone. Relevant here is that the stock does not sell off to the level it was on the previous day.

Once you see the price breaking the upper trendline, you buy in and ride it to at least the highest pre-market price or high of the day to take your first profit. You will also see this happening to the short side when a stock is gapping down significantly.

The flag breakout is a comprehensive trading strategy. After move up or downwards on a lot of volume , the stock consolidates with a flag pattern. You draw a trendline against the initial move and as soon as is broken you build up a position and take the first profit at the high of the initial move or at the low of the initial move when playing to the short side. All the shown high probability trading setups only work, if you analyze the trend of the stock. Always create a plan when you trade.

Even though these setups have a high probability, there is still a chance they fail. If you want to be a successful trader, consider checking out our free trading guide. Save my name, email, and website in this browser for the next time I comment.

How to Recognize a Trend Before I show you my highest probability setups, I want to show you how I recognize trends as this is essential for these setups. The price has been moving up several days with at least one higher low or lower high if you want to trade a downtrend.

Price has broken resistance or support zones in a downtrend with substantial-high volume. After a higher low the stock moves up heavily with large volume. The up-trend has been established and I can look for setups. We waiit untl our zigzag pointer appears below in the 30M TF.

We check the 1Hr Chart to see if there is agreement. We also look at the daily to see the nature of the trade. I stake my money big time. Share your opinion, can help everyone to understand the forex strategy. Write a comment. Snow Friday, 26 July Forextradingstrategiesresources Wednesday, 02 October Mike Monday, 23 June Suzanne Tuesday, 19 August Hi Mike, The secret to the zigzag is there is no secret.

Learn your price action candles, if these match up to the zigzag then you've got yourself a pretty good probability trade coming up! Steve Thursday, 04 February Has anyone been using this method of trading forex consistently and been keeping an accurate log of their results?

I've only just come across it, and it looks interesting. I'd love to see a medium or long term breakdown of results if anyone has them? Do trade then start to yell here.. Alejos Sunday, 07 August Indeed, if anyone observe it carefully, this system is, in fact, harmonic trading patterns, or elliot wave trading, for which macd divergence is very useful when it appears at the very confluence of zigzag at varios timeframes.

ValyB Tuesday, 29 August Hello, I just discovered this post. Ray Mo Tuesday, 27 February They seem hard at first, but when you get the hang of it. It's Easy. Bogdan Wednesday, 17 April Jason Saturday, 13 June Not sure if any of you guys are still using this, I've been using this system for the last 4 days and seriously I'm making money from it.

You shouldn't enter the trade right at the pointer but wait for the next two candles to enter. This is a system I use successfully to make between pips per trade. The zig zag indicator is used to ascertain tops and bottoms, highs and lows and possible reversal turning points.

However it is a very useful tool when optimized with several settings to filter out the false highs and lows. Non lag Zgzag The non lag ziigzag is simply a form of the normal zigzag with dfferent setting to filter out false highs and lows. Zig zag Pointer The pointer is used to corroborate the nonlag zigzag and confirm entry points Stochastics Used to measure the overbought and oversold.

Daily Average Range.