SECURE YOUR ENTRY
This technique is simply to ensure that you’ll have entered at a reasonably good price incase the market picks up steam or shoots in your direction before you would have had enough time to act to enter your trade. When the market has been trending and has gone into a retracement you’ll frequently see a tiny stagnation at the base of the retracement (as was discussed above in the section dealing with stagnations). At this time you’ll be watching for the market to begin to extend so that you can enter into a trade. Sometime all this will happen slow enough for you to successfully place your trade in time, however sometimes the price will move too quickly for you to manually enter a trade and you’ll simply miss your optimal chance. There is a very simple solution to this scenario. Simply use the “Forex Surfing” entry technique as your insurance that you’ll be entered in time. During the time of retracement, when the market has entered into a stagnation, simply place your entry order at the top/bottom of the wave (factoring in the spread as discussed in the “Forex Surfing” eBook), with your stop order placed at the bottom of the wave or at the bottom of the stagnation area (the bottom of the retracement becomes the new wave bottom). Ideally your stop shouldn’t be bigger than 10 pips, but it may be larger, and if so then use the “Surfing” rules for this scenario (and adjust your lots to conform with your equity management rules) With the surf entry technique set as your insurance then continue waiting for your opportunity to happen. If you can enter the trade once the market appears to be extending from the retracement then you’ve successfully gotten in at a better price and you’ll immediately proceed to canceling your surf entry order. If the extension happened too fast for you to manually enter your trade then at least you’ve caught a “surf” which will typically be at a better price than if you were to later manually enter a trade to catch any shoots that may have happened.
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