I started this to help me keep iron out and track the performance of my trading strategy.
It starts by marking out the major quarter points on the monthly.
I then move down to the daily to identify where price is in relation to these quarter points, where the institutional order blocks are and the long term trend and to determine what price is doing for the day.
On the 4HR I look for the most recent trend and seek to trade in that direction.
I go down to the 1hr and draw fibs to connect swing points. If price is in a downtrend I draw from most recent swing high to low, if it's in an uptrend I draw from the most recent swing low to high. Swing highs and lows are indicated by fractals.
I wait until price reaches a significant fib point on the hourly chart, then I go down to the 15min and wait for a fractal to form indicating a bounce on the line. At that point I enter the market. I'd place my stop loss two fibs below but use a past swing high on the hourly to identify a good tp.
If price seems to be pushing down further on the hourly, I may go down to the 15min to see if a hesitation point formed.
It starts by marking out the major quarter points on the monthly.
I then move down to the daily to identify where price is in relation to these quarter points, where the institutional order blocks are and the long term trend and to determine what price is doing for the day.
On the 4HR I look for the most recent trend and seek to trade in that direction.
I go down to the 1hr and draw fibs to connect swing points. If price is in a downtrend I draw from most recent swing high to low, if it's in an uptrend I draw from the most recent swing low to high. Swing highs and lows are indicated by fractals.
I wait until price reaches a significant fib point on the hourly chart, then I go down to the 15min and wait for a fractal to form indicating a bounce on the line. At that point I enter the market. I'd place my stop loss two fibs below but use a past swing high on the hourly to identify a good tp.
If price seems to be pushing down further on the hourly, I may go down to the 15min to see if a hesitation point formed.