How to take your trade entry at First stab
Do you take your trade at 1st stab or do you rather wait for confirmation?
First stab will give you the best opportunity to manage and remove risk out of the position much sooner compared to waiting on confirmation.
To be successful with first stab entry, you will need a comprehensive understanding of price and the market.
First stab explained
It is important that we understand the meaning of first stab.
First thing to keep in mind is, we are never chasing price, we are always waiting on price to come to us.
In the Mastering Course we explain this very clearly, this concept alone can be difficult for traders to adopt. In order to take a trade at first stab we must:
- Buy into the face of a bear candle
- Sell into the face if a bull candle
We are not interested in the type of the candle or its name but we are interested in is price delivery thus how price arrives to our entry level.
Discover your key level
A First stab entry needs to be supported by a key level and as price comes into the level you take the trade on the first hit. This is by nature not what we do as humans. Most times in life we desire confirmation before committing to a situation. This also plays out in trading and it is something that most traders need to adjust to before becoming successful at trading.
Considerations when taking First stab
Nothing in trading is as simple as just an idea. All things need to be considered and trying to get everything to line up is near impossible.
Some of the factors that you should consider regardless if you are taking a trade at first stab or waiting for confirmation.
1 – Time of day
2 – Liquidity
3 – News events
4 – Price delivery. How price arrives to your entry
5 – Price patterns (These are not traditional patterns but price liquidity patterns)
6 – Key level
7 – Definition at the key level (strong or weak)
8 – Support – Resistance
Discomfort will create comfort
There are ways to become comfortable trading first stab, we discuss these methods within the Mastering course. Over time you will turn the discomfort of trading first stab into a comfort.
It is realizing that you have a much greater chance of survival by waiting for price to come to you and take it on first stab.
A metaphor for this is if you watch a documentary on an animal that stalks its prey.
The stalker will wait and wait until the prey is near enough before pouncing. This process increases the chance of a win for the stalker as well it saves energy.
In trading if you are chasing the price or waiting for confirmation, it will become mentally taxing.
The video included is from the Mastering Course. 1st stab Entry part – 1https://eurusd-fxtrader.com/course/1st-stab-entry-part-1/
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