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Downtrend Checklist

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313 views1 page

Downtrend Checklist

stock

Uploaded by

Kamlesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Downtrend ABCD

Pretrade Checklist Trade Plan


Downtrend
(Candles need to be below the Down Trendline)
Date Currency Fundamental Day Yes No
Date Currency Timeframe
Check Downtrend
1. Candlestick Formations:
1. Find and mark the down A-B Boundary.
2. Spread the Fibonacci tool from the Down A to the Down B.
Engulfing Bearish Evening Star Tweezer Tops
3. Look at the Fibonacci Retracement and Extension levels.
4. Draw the 45' Counter Downward Trendline BELOW the Retracement Candles.
5. Find & mark past support to become Future Resistance in the A-B Boundary. 2. Downtrend Price
5.
6. Find 4 levels of past support BELOW B for your exit.
7. Determine and draw your Limit at the appropriate extension on your chart. Exit Buy STOP Risk vs. Reward

8. Determine and draw your Stop BETWEEN the .86 and the A on your chart.
SELL vs.
9. Wait for a Bearish Candlestick to form. ENTRY

10. Look at the Velocity Fuel Gauge. A Must be 1:1 or Greater

11. Complete your Trade Plan. Exit Buy LIMIT


C

3. 4.
Find: Four Past Levels of Support below the "B" Find: 1)Projected "D" Ext. Price:
B D High for your Exit 2)Fibonacci # for C & D
A
Grade Your Entry Decision To Trade Check S1 C
1. Are the candles below the automated Down trendline? 60% S2
S3
2. Did the Velocity Fuel Gauge form a U-turn near the top red line? 10%
S4 B D
3. Did the Market break the Counter Downward Trendline? 5%
4. Did the Market U-turn at Past Support? 5%
8. Profit/Loss
5. Did the Market U-turn at a Fibonacci Retracement Number? 5%
6.
6. Did a Bearish Candlestick form? 10% Sell Price
Start Time: End Time:
TOTAL % PROBABILITY OF A SUCCESSFUL TRADE Buy Price

“Grade Your Trade”


Pips +/-

100% Wishful thinking. This doesn’t exist!


:-)

90%+ Excellent Trade $ per Pip $


7.
80%+ Great Potential Trade
Computer Ticket
Total
Amount $
70%+ Good Trade
60%+ Fair Trade - Look at other currencies # # Lots
50% Below Indicates a potential sideways Market
Total
In a sideways market SELL Resistance and BUY Support P/L $
Notes:
Exit Target Strategy
1. Find the Fibonacci Extension level that is near a past level of support.
2. Place an exit order 10 pips above the level of past support that is near the appropriate
Fibonacci Extension Number.

Copyright © 2008 Market Traders Institute, Inc. | JULY 2008

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