Chapter 3: Trading With Tramlines, Fibonacci and Elliott Waves
In this chapter, I show how I go about trading the various patterns that I have described. When researching a possible trade, I go through these five steps:
My Five-Step Trading Routine
- Recognise the pattern and put it in context.
- Work out a trading plan with entry price, risk level to stop and profit targets.
- Wait for confirmation of the pattern.
- Then place the trade and protective stop.
- Finally, manage the trade to completion.
I recommend you to implement this routine on every trade you make. It will hopefully prevent you from making that rash trade ever again!
In this chapter I will cover:
- The Tramline Trading Rules
- Trading the tramline break
- Trading the ...