Trend trading with the help of trend lines, support, resistance, and fibs. THAT'S ALL. No need for indicators. You can have 1 or 2 indicators just as filters if you want.
Ok. Here's the way I trade.
I trade off the daily chart. When you see a pair that is in a down trend then you should only wait to short and vise versa. Wait for a retracement to go down to the trendline, s/r line, and or fib level. Once the price goes to the trendline and either s/r line or fib level, wait for a candle formation for the entry. Candle formations are morning stars, evening stars, double top/bottom, bull/bear candle, etc. There's a few other things I look at as well as candle formations.
As you can see in the chart that I posted. This pair is in an uptrend. So I wait for it to bounce off the trendline and either support or fib level. As you can see it bounce off the trendline and also the fib level. I enter the next candle right after the bull candle.
I am actually still in this trade. I usually ride the trade all the way till a resistance level or some form of signal that its reversing. I ride my winners and cut my losers.
Ok. Here's the way I trade.
I trade off the daily chart. When you see a pair that is in a down trend then you should only wait to short and vise versa. Wait for a retracement to go down to the trendline, s/r line, and or fib level. Once the price goes to the trendline and either s/r line or fib level, wait for a candle formation for the entry. Candle formations are morning stars, evening stars, double top/bottom, bull/bear candle, etc. There's a few other things I look at as well as candle formations.
As you can see in the chart that I posted. This pair is in an uptrend. So I wait for it to bounce off the trendline and either support or fib level. As you can see it bounce off the trendline and also the fib level. I enter the next candle right after the bull candle.
I am actually still in this trade. I usually ride the trade all the way till a resistance level or some form of signal that its reversing. I ride my winners and cut my losers.
Attached Image (click to enlarge)
