Once you know those lines, the important thing is to watch out for potential trading setups that happen around those levels.

So trading is a lot about being patient. I know you said in your profile, you say that you are an impatient guy, but the reality about trading is that you need to develop patience.

When you are impatient, you tend to take trades because of your impatience, not because the trade offers you a good opportunity. Do you get my point?

Moreover, good opportunities don’t come every day okay.

If you are shorter term, yes it comes at almost every day, but you also have to be very much more diligent in terms of monitoring the market very closely okay.

So you got to exercise patience, only get into a trade when most of the things line up very nicely for you.

So what are the things that would line up that tells you that this is a good trade setup to get into right now okay?

Things like a bounce off a key support, for example, a bounce of a key support and that support happens to be uptrend support as well as a horizontal support.

Do you see two supports at the same place okay and when you see the bounce, it also happens that you see a bullish candlestick reversal pattern and that two support at the same place so now you have three things telling you there is a good chance that the market will bounce up from here.

That’s when okay, this is a perfect setup based on my strategy. My perfect kind of setup that I’m looking for.

Interested to receive mentorship opportunities like this with Philip?

Find out more at traderwave.com/innercircle

Philip Teo

Founder & CEO at Traderwave Pte Ltd
Philip Teo is an entrepreneur, speaker and trading coach who specialises in the field of Technical Analysis of the financial markets. He is currently the Founder and CEO of Traderwave Pte Ltd, a financial technology company that offers a web charting application to global traders. He has conducted many trading seminars and appeared on national television before. He is also currently an official speaker and trainer with SGX Academy. Learn more about him at his Google+ Profile, LinkedIn Profile and Facebook Profile

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