This is the 3rd and final video in the First Time Back (FTB) video series which provides a detailed look trade exits and other considerations that can be used to objectively analyse an FTB setup.
Trade Management: Exits
- An FLR/S is just supply / demand or support / resistance that could cause price to reverse – the first line of resistance or support in the path of price.
- Strength of setup and ‘bigger picture’ also plays a part in determining an FLR/S.
- Remember to look ‘around’ the TF you are trading – different timeframes can reveal information hidden on a higher TF.
- Always have to consider ‘value’ to FLR/S when analysing a setup.
Other Objective Considerations
- Trading right before news – can lead to impulsive moves, increased spreads, whipsaws and slippage – important for intraday trading.
- Impulsive moves – extreme price movements from a distance into the FTB entry area – i.e. movements that are not common in the normal course of a trading day on the pair in question.
- Price basing just before the FTB area – can be a sign of an impending breakout.
- Washed out SR zones – acting as SR multiple times in quick succession can lead to the SR losing it’s ability as an SR.
- Price missing entry – need to consider whether price has likely hit the orders we wanted to be a part off.
First Time Back (FTB): Webinar
The video above concluded the series describing how I use the concepts behind the FTB in the form of a trading strategy, however, to further enhance the learning curve I will be hosting a webinar on Wednesday 23rd January where I will run through:
- Further recent examples of setups I look for.
- More examples of determining entries and stops loss placement.