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Simplicity for me

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Simplicity for me

Trade Plan:
Simplification is key for me

No indicators, just price action to determine direction and entry / exit strategy points
For trending markets, buy support and sell resistance in the direction of the trend
Use Fibonacci levels on the primary chart to help determine support and resistance levels
Add Stochastics Oscilator to dramatically improve timing entry and exits in direction of the trend.
Use alignment methodology to confirm direction of the trend on multiple time frames. Compare H4 (dominant trend) to H1, when in synch use 5M or 15M chart to enter in the direction of the trend.

If a non trending market and consolidation range on the 15M chart is 10 pips or more, bracket the breakout with long and short orders, then use Fibonacci support and resistance level to capture pips between the upper and lower pivot points until a break out occurs. Time entries when the stochastics clearly reverse in the opposite direction of the nearest pivot.

Manage trade
Always use stop loss for every trade. Manage stop loss using 5M and 15M charts until trade is zero risk, i.e. stop is break even or better with entry point. Once at break even trade, manage trade using 1H or higher chart profit targets. Fibonacci should be aligned with 4H pivots since it's the dominant trend.

Profit target 1 is the next resistance/support line, and profit target 2 is the subsequent resistance/support line. Example, if you buy at the end of a pull back at the 23% line, first profit target is 38%, 2nd target is 50%.

If multiple positions are open, phase out profits at targets 1 and 2. If more positions are open, switch to trailing stop or previous low/high pivot point and ride to the end of 4H profit cycle for maximum profit. (If in this position, it's already a winning trade so see how far it will take you).

Mon, 04/29/2019 - 10:54am

I like using RSI along with price action. When the RSI is at/near or above 70 or below 30, then that is when I enter the trade. Also, I like S/R zones for entries. Moreso on the Weekly, Daily or 4 hour. Sounds good!!