Bull Trap Trading Strategy for Forex Traders 🍆
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Well said! I fell in these traps many times!
cool interessant
I use that startegy quite a lot but the main problem is spotting the long downward momovement sometimes it just happen very short
I trade like that. Love it
We've been testing something similar recently with good results, but you don't say anything about how you handle exits which is more than half the battle, we feel. How are you managing those 10:1 trades?
Although very rarely I trade forex in the higher timeframe, I do use this strategy especially when it's attempting to breach the multiple tops. I always look for rejection candles (shooting star/gravestones dojis/evening star) with S/L set a few ticks above the wick. However if the pair involves USD or anything close behaving as dollar-proxy, my final check would be in the movement of the dollar futures preferably in a 1-minute movement so I'll have a good head start to the move. A lockstep watch. I'm using this in a 5-minute trade and so far it's working well for me.
Nice. is it just applicable for trapping bulls or is it the same thing for bears being trapped? just on the opposite side of the chart obviously