After quite some time, I may have found something that works for me. I still study this method and I'm documenting this mainly for myself.
I can trade only the London session. The idea is to let the London session settle and let it establish a direction after the 30mins from open.
Idea:
I can trade only the London session. The idea is to let the London session settle and let it establish a direction after the 30mins from open.
Idea:
- the plan consist of multiple ideas/concepts learned along the time, from FF, youtube or books
- no one wants to trade ranges
- I think someone has a trading system with pivots, but it seemed too complicated for me. I need something mechanical, it's 1 or 0.
- some ideas from NNFX:
- baseline - 50 ema
- ATR
- confirmation 1 - 30m range + 1h pivot
- confirmation 2 - TDI / DIDI Index w/ QQE / Vortex
- continuation - TBD
- exit: RR 1:2, SL or pivot broken (still testing)
Plan:
- At 8:30 AM, open the charts in the 30m TF and plot 2 horizontal lines on the chart: high and low of the 30m candle (or use an ORB indicator) - https://www.tradingview.com/x/L3iogjaM/
Drop to the 3m TF, plot the 50 EMA and 1h pivots (the most important piece of the puzzle) - https://www.tradingview.com/x/1RdnmMu8/
Rules:
- 50 EMA in blue
- 1h pivots in yellow
- Wait for the to run away from 50EMA and 1h pivot, up or down
- Long: the candle must close above the opening 30m range, above 1h pivot, above 50ema
- Short: the candle must close below the opening 30m range , below 1h pivot, below 50ema
- For both, SL must be placed at 1 - 1.5 ATR (exceptions could be with 2ATR, preferably around the pivot or if it seems to close, the 50ema) - still studying the SL rules
- risk/reward: at least 1:2 (either profit or SL) and then trail the SL if possible
- Trage in the direction of the 50EMA (edit #1)
- Don't enter if:
- the actual signal candle is greater than 1.5 ATR (you already lost)
- the entry price is above 2 ATR
- the PA looks flat (50MA flat)
- the PA broke the pivot multiple times
- the triggering candle crosses the pivot