Let’s take a look at another tactic to help you time your trades a little better with tick hook. So in the chart to the left here you can see that this is the Dow.
And it’s on a 2-minute chart instead of 1-minute chart. That’s just kind of timeframe that I like to trade. Here we’ve got the upper range and the lower range and then you can see where it had a nice little v bottom here so I’m going to call this the high the range right now.
So this is going to be my reset point. This is my reset point because I have the high range, low range and I bounce off that little range and I roll back over.
What I’m looking for here is after that hook one. See that little line hook one. That would be my first potential long scenario. And then right now it’s developing up into hook two. If it doesn’t round to zero line gives it a little bit more strength so they want to look over here and I could potentially go long right now at $26,506 on tick number two.
I personally like tick number two better I like one. One is aggressive. Two is kind of moderate. And I’m not really super agressive type trader. I’m more moderate or too conservative in my opinion.
So what I’m looking for is I’m looking for high or low to be made I’m looking so that was the low. It got really closed bounced up off of it, roll back over. That could be a potential reset point. Pullback. Hook one. Pullback. Hook two. Get long in this area and let it bounce up.
And then once I get long then I can flip it out with a profit. Now, sometimes that would be a small profit. Sometimes that would be the beginning of the new nice good running trade so pay attention to the tick ranges is important and also the tick hooks.
I usually do tick hook one or two. I would say 80 percent of the time I do tick number two. 20 percent of the time I do tick number one. It just depends on what’s going on the market.
And then I would reset so after this trade would be over then I would wait for it to get back to another elevated position and then start to pullback and then I would move my reset point over to that point.
Good luck. Hope it helps. See you on the next video.
Hubert.
