My Millionaire Goal

This is a potential setup that I’m going to test…

After an uptrend (downtrend) has started, while waiting for price to approach the next nearest resistance (support), enter WITH TREND trades. Outside candles* or double high lower close (bearish) or double low higher close (bullish) can be used as signals to enter.

Example:

With Trend Trade 1 (Outside Candle)

With Trend Trade 2 (Double High Lower Close)

* Outside candles should correspond to a resistance/support, where it is possible for traders to be tricked.

When trading, beware of the following traps:

1. Magnets nearby
   Before initiating a position, check if there’s any other price zone that may attract price to gravitate towards it. For instance, when selling, check if there’s any other resistance nearby. If there is, bulls may attempt to break that resistance, resulting in your position being stopped out at a loss before reversing.
2. Strength of prior trend
   Never initiate a reversal trade if the prior trend was strong (e.g. Do not sell if 8 out of the previous 10 candles were strong bull candles)
3. Ignore price action if the candle overlaps with most of its prior candles