After giving up on messing with indicators and such I've started to trade based on support/resistance/fibs/trendlines/PA.
I generally only even look at a pair if it's well in a trend on the daily chart. Then I go down to 4 hour and check if it's trending the same direction there aswell (so I don't get caught in a correction on the 4hr chart). Then I draw lines and fib levels (usually on all charts, giving more weight to stronger support/resistance combining at a price level with various fibonacci retracements). Making sure there's no break of the trendline and then I wait for reversal PA signals to form near the trendline on the hourly chart, I only enter a trade if I can expect to earn twice as many pips as my stoploss assuming the price stops moving at the first major support/fib levels.
As you can see this is very conservative, I only try to enter (what I think are...) the best trades. Is this correct? Or should I lower my standards? If so, where could I start? I don't really mind not entering every possible trade, but I might only enter 2 trades average per week and this affects how long I need to trade before knowing if I am a profitable trader. Any suggestions would be appreciated.
I generally only even look at a pair if it's well in a trend on the daily chart. Then I go down to 4 hour and check if it's trending the same direction there aswell (so I don't get caught in a correction on the 4hr chart). Then I draw lines and fib levels (usually on all charts, giving more weight to stronger support/resistance combining at a price level with various fibonacci retracements). Making sure there's no break of the trendline and then I wait for reversal PA signals to form near the trendline on the hourly chart, I only enter a trade if I can expect to earn twice as many pips as my stoploss assuming the price stops moving at the first major support/fib levels.
As you can see this is very conservative, I only try to enter (what I think are...) the best trades. Is this correct? Or should I lower my standards? If so, where could I start? I don't really mind not entering every possible trade, but I might only enter 2 trades average per week and this affects how long I need to trade before knowing if I am a profitable trader. Any suggestions would be appreciated.