This journal is to be my journey onto the path of Price Action.
This strategy is developing using a variety of sources.
I will use this to develop and update my trading template - any transactions i will take will be on separate posts.
As I am writing this post it will be updated on a regulary basis.
Type of Trader: I am a conservative trader hence the need to swing trading end of day, during 4hr or daily charts.
Income Target: 1% increase per trade (more information later)
3+ month aim: Plan the trade and trade the plan - im in this game for the long term. My monthly trading goal is to . achieve consistent profitability every month. The actual $/pip amount is not important at this stage (6+ month). The important thing is the consistency.
Markets: Spot Fx, using the E/U and G/U. I may add other currencies later on if needed.
Timeframes: Macro view on monthly and weekly charts. The trigger would be pushed on the micro charts - 4/hr and daily.
Broker: Alpari Uk for charting and execution.
Patterns:
1. Identify HH,HL,LL,LH trends on monthly and weekly. I will also use a 240WMA for general confirmation - this does not play an "active part" in the strategy.
2. Drop down to a lower timeframe.
3. Use a pattern (pin bar, 3 bar reversal, inside/outside bar).
4. Confluence factor: Round numbers, 50% fib, S&R
Trigger: I must have 3 or more factors in place e.g. price below 240WMA, making LL, LH, round number and a suitable pin.
SL: Top of pattern (more to follow)
TP: Trailing after 100pip (more to follow) or 3/5 bar follow.
Reference/Reading Material:
1. 3 bar reversal from a trader called stealthtrader from another forum (pic below)
This strategy is developing using a variety of sources.
I will use this to develop and update my trading template - any transactions i will take will be on separate posts.
As I am writing this post it will be updated on a regulary basis.
Type of Trader: I am a conservative trader hence the need to swing trading end of day, during 4hr or daily charts.
Income Target: 1% increase per trade (more information later)
3+ month aim: Plan the trade and trade the plan - im in this game for the long term. My monthly trading goal is to . achieve consistent profitability every month. The actual $/pip amount is not important at this stage (6+ month). The important thing is the consistency.
Markets: Spot Fx, using the E/U and G/U. I may add other currencies later on if needed.
Timeframes: Macro view on monthly and weekly charts. The trigger would be pushed on the micro charts - 4/hr and daily.
Broker: Alpari Uk for charting and execution.
Patterns:
1. Identify HH,HL,LL,LH trends on monthly and weekly. I will also use a 240WMA for general confirmation - this does not play an "active part" in the strategy.
2. Drop down to a lower timeframe.
3. Use a pattern (pin bar, 3 bar reversal, inside/outside bar).
4. Confluence factor: Round numbers, 50% fib, S&R
Trigger: I must have 3 or more factors in place e.g. price below 240WMA, making LL, LH, round number and a suitable pin.
SL: Top of pattern (more to follow)
TP: Trailing after 100pip (more to follow) or 3/5 bar follow.
Reference/Reading Material:
1. 3 bar reversal from a trader called stealthtrader from another forum (pic below)