Thread by @ProdigalTrader

How do I go about with pullback trading ?

Detailed thread of the whole process

Step 1: Check the Higher TF which is monthly. Purpose behind this step is to make sure that the scrip is highly bullish in this TF.

Consider #aptecht

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The scrip has given an almighty breakout into new ATH last month and this month its being pulled back substantially. Here first criteria of strong bullish trend in HTF is satisfied with a fresh ATH breakout.

Step 2: Chk weekly TF to assess the details of breakout

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1. BO is from an inv. H&S pattern
2. There was 3WTC pattern just prior to BO
3. BO had a strong follow up week with higher ROC
4. Pocket picot volume on BO and follow up bars
5. Pullback lack volume and last bar is bullish pinbar

These confirms the BO is really strong

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Now we need to confirm if any tradable set up is formed or not in it which is

Step 3: in daily TF, u can see following things

1. bullish bar at the break away gap support
2. Entire last week price was rangebound
3. price is rejected from below the gap

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To form a trading plan on it

1. Entry abv the high of last bar
2. SL below the low of the bar prior gap up
3. Target would be the pattern depth added to breakout level

This would give u a set up with a 4R potential

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This is the entire process behind my pullback trading. First task is to identify a scrip suitable for such trading and keep them n watchlist till it forms a trdable set up.

I have scanner for this entire process in one go so that

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the hectic task of
creating suitable scrip list
watch its PA daily
and
wait for tradable set up
is cut short into just one click

Cheers
ProdigalTrader

If the content is good enough, #retweet the first tweet for wider reach

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