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ME-Type 1 is a very effective strategy that allows you to buy low, sell high. This is suitable for people that prefer to wait for deep pullbacks and seek higher R/R ratios when trading high-volatility range-bounce price action in an already-established general trend. Let’s review the cheat sheet below and try to visualize it.
Similarly to our Mag7 example, we will look for long-only signals. As you can see from the image above, we first wait for ARmageddon to find and print a Pyramid symbol – signaling weakness in price-action. This gives us plenty of time to prepare our trade using the ME-Type 1 strategy.
We expect price to stay range-bound after the initial impulse and so we’re interested in buying a decent pullback (perhaps a few days after the signal) or, depending on your operational timeframe, within the next few hours. So if you’re trading a 5 minute chart, wait times are shorter. Remember this strategy requires time to both give you an entry and exit.
In the above example we show you you what you can expect from a “type-1” setup. Flawless victory.
Use DSR to establish maximum depth for pull-backs when evaluating your type-1’s.
This concludes our overview of ME Type-1. Please visit our discord and participate in the live sessions with other experience type-1 traders.