As I Mentioned in subjects name it's base on bigger tf S/R places and entries are made in lower TF, I use H1 TF, occasionally H4 depends on situation, I will describe type of entries and which type of situation in W1/D1 I usually search for.
All indiors that I use are free and you can find it inforexforum.co.zaforum
This is my temptate with indiors:
Brief description of indiors:
ADR_v2:it shows volatility of every pair, it is possible to compare daily, weekly, monthly volatility, great for intraday PT targets or SL predied on ADR
Pipcounter: it shows price, disperse, large, low and candle period
Pipsometer: it shows pips in transactions
aFFCal: regular news for MT4, keep an eye on it when inputting smaller TF such as M30 and smaller
EMA: exponencial period 10/20/30, use for closing prices
Fractals: for me its indior that shows fractal low/highs and according to this I will see better S/R degree on weekly(main amounts ), daily levels (minor)
in H1 TF I use fractal high/lows break as entrance to my trade, this type of entrance will be revealed later
Plogy:
I actually like Mark Douglas therefore I took a lot of things in plogy and probalities from his literature. I believe everybody should read trading in the zone, it will open your eyes
1. Anything could happen
2. You dont need to understand what is going to happen next to make money
3. There's a random distribution between wins and losses for any given pair of variables that define an edge.
4. An advantage isn't anything more than an indiion of a higher likelihood of one thing occurring over another.
5. Every moment on the market is unique
Why is it functions?
1. I identify my borders
2. I predefine the risk of every trade
3. I totally accept risk or I am willing to forego the trade
4. I act in my edges without any reservation or hesitation
5. I cover myself because the market makes money available to me
6. I always track my susceptibility for creating mistakes
7. I understand that the absolute necessity of those principles of consistent sucess and violate
Money Management:
your funds management must cover all possible variabilities that could happen in trading
The most important rule of the for me: consistently use STOP LOSS
I know that exist a lot of threads around grids, hedging, that large boys stealing SL, broker takes your SL.... Anyway I dont care, therefore find relevant broker with great spreads, swaps, assess opinions about broker (finest are always from people that trading with him) and also you dont need to be aware of wrong slippage and these ridiculous things. . Only do your homework!
This is simply basic description, because every system(submission ) has his own management, in long term/carry trades I use hedgind but that is not exactly what I wish to talk here
Please be aware that data and probalities are really important things and it's the THING which makes you money.
You will find 4 incomes/outcome from transactions
1. Small loss
2. Small gain
3. Major loss
4. Major gain
Preparation of charts:
STEP 1
Draw lines (weekly/ crimson dot) from your fractals high/lows
Daily routime:
Very important thing on your trading program ought to be daily regimen, because not everybody can be full time trader and if you create habits it will positive impact your trading
Monthly entry egy:
Weekly entrance egy:
Daily entrance egy:
Take profit: you need to always think about take profit because true is that is more important that entrance because just when you hit PT is the moment when you get money in your bank account, it ought to be choosen in precisely the exact same TF as entrance and if you would like let it operate, CHECK HIGHER TF a S/R from these types of TF
Cease loss: consistently put it Behind/before S/R zone into it, even if your trade need more breath put it 3x ATR(depends on your TF), it's time when you loose money, but if you count it until open trade that is okay, it's a component of your trading, only count, maintain rules on your head, propability, edge and theory of large amounts will show
KEEP IN MIND THAT EVERY LOSS TAKES YOU NEAR PROFIT TRADE!