Now that you have learned each part of the trading plan, this lesson will review the whole strategy and how to set up your charts to begin your training.
EWPT Trading Plan
The Set up: Identify an opportunity of either a motive wave 5 end, or a corrective wave C end or wave 4 end.
Entry: Enter a trade (divide into two half, long term and short term) on the trading timeframe based on the pattern for Elliott Wave trade. Making sure the formula Momentum + Pattern + Price is respected and engulfing pattern or other reversal candlestick pattern is present to confirm the entry.
Exits: Set the Stop Loss above/below the recent swing for the Elliott Wave opportunity. The risk on the trade is called R. Set the Profit Target on 1st half at 50% and 61-8% retracement and don`t get out until the market reaches that level. Then initiate the Trailing 1 Bar High/Low and wait for the market to get you out. Once 1st half is out move the Stop loss to break even and let the market run its course. Get on the 1h chart or daily chart and move the stop loss every time you get an x Up/Down (in the direction of your trade) on the momentum indicator, making sure we lock in profits every time the market advances but also give her room to move. Finally the last target has to fulfill same conditions of the entry and it depends of the pattern traded where it is located.
Risk Management: Remember that either your stop loss or profit target will get hit on the trade before you need to do anything. The trade will either work or it won’t. (See special instructions for when in drawdown)
Money Management: Start trading with 1% risk per trade, and increase it or change money management strategies only after you have confidence in your trading and the plan. Staying in the game is the key to becoming successful so let’s walk before we fly.
That is the whole strategy in a nutshell. Keep your execution and trade management as simple as possible and fewer things can go wrong. Remember, it is impossible to win every trade and each trade has no bearing on the next. Only through a large sample of trades can you see how you and the strategy are performing. Probability only works that way and not day to day, trade to trade. Accepting risk completely will free you from the fears and anxiety many traders experience while in a trade. We are confident that working with Crush Pro Teams will help you rise to the trader you desire.
Set up your charts
It is very easy to set up your charts. Consult with your team leader or other members to become familiar with your charting software and what is necessary for trading the EWPT Strategy.
MT4 Trading Platform
If you are using the MT4 platform, it is easy to set up for trading this strategy.
Communication is critical to your progress. There are many ways to get help from us, your teammates, or anyone on Team Blue through the Group, course discussions, slack, or any of the traditional methods. The time to get your questions answered is now.
This is the end of the EWPT Strategy details. Once you have marked each lesson complete, go ahead and take the final quiz to test yourself that you understand the strategy and what it takes in order to successfully implement the plan.