As I Mentioned in topics name it is base on bigger tf S/R areas and entries are made in lower TF, I use H1 TF, sometimes H4 depends on situation, I will describe type of entries and which type of situation in W1/D1 I usually look for.
All indicators that I use are free and you can find it in FF forum
Here is my temptate with indicators:
Short description of indicators:
ADR_v2:it shows volatility of each pair, you can compare daily, weekly, monthly volatility, good for intraday PT targets or SL based on ADR
Pipcounter: it shows price, spread, high, low and candle time
Pipsometer: it shows pips in trades
aFFCal: standard news for MT4, just keep an eye on it when entering on smaller TF like M30 and smaller
EMA: exponencial period 10/20/30, use for close prices
Fractals: for me its indicator that shows fractal low/highs and based on this I can see better S/R level on weekly(main levels), daily levels (minor)
in H1 TF I use fractal high/lows break as entry to my trade, this type of entry will be showed later
Psychology:
I really like Mark Douglas so I took a lot of things in psychology and probalities from his literature. I think everyone should read trading in the zone, it will open your eyes
1. Anything can happen
2. You dont need to know what is going to happen next to make money
3.There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5.Every moment in the market is unique
Why is it works?
1. I objectively identify my edges
2. I predefine the risk of every trade
3. I completely accept risk or I am willing to let go of the trade
4. I act on my edges without reservation or hesitation
5. I pay myself as the market makes money available to me
6. I continually monitor my susceptibility for making errors
7. I understand the absolute necessity of these principles of consistent sucess and violate them
Money Management:
Your money management should cover all possible variabilities that could happen in trading
The most important rule of this for me: always use STOP LOSS
I know that exist a lot of threads about grids, hedging, that big boys stealing SL, broker takes your SL..... anyway I dont care, so find relevant broker with good spreads, swaps, check opinions about broker (best are always from people that trading with him) and you dont have to be aware of wrong slippage and these silly things.. just do your homework!
This is only basic description, because every system(entry) has his own management, in long term/carry trades I use even hedgind but that is not what I want to discuss here
Please note that statistics and probalities are really important things and it is THE THING that makes you money.
There are 4 incomes/outcome from trades
1. Small loss
2. small gain
3. Big loss
4. Big gain
Preparation of graphs:
STEP 1
Draw lines (weekly/ red dot) from your fractals high/lows
Daily routime:
Very important thing in your trading plan should be daily routine, because not everyone could be full time trader and if you develop habits it will positive affect your trading
Monthly entry strategy:
Weekly entry strategy:
Daily entry strategy:
Take profit: you should always think about take profit because true is that is more important that entry because only when you hit PT is the moment when you get money on your bank account, it should be choosen in the same TF as entry and if you want let it run, CHECK HIGHER TF a S/R from these TF
Stop loss: always put it Behind/before S/R zone not into it, if your trade need more breath put it 3x ATR(depends on your TF), it is time when you loose money, but if you count it before open trade that is okay, it is part of your trading, just count, keep rules in your head, propability, edge and theory of big numbers will show
KEEP IN MIND THAT EVERY LOSS TAKES YOU NEAR PROFIT TRADE!
All indicators that I use are free and you can find it in FF forum
Here is my temptate with indicators:
Short description of indicators:
ADR_v2:it shows volatility of each pair, you can compare daily, weekly, monthly volatility, good for intraday PT targets or SL based on ADR
Pipcounter: it shows price, spread, high, low and candle time
Pipsometer: it shows pips in trades
aFFCal: standard news for MT4, just keep an eye on it when entering on smaller TF like M30 and smaller
EMA: exponencial period 10/20/30, use for close prices
Fractals: for me its indicator that shows fractal low/highs and based on this I can see better S/R level on weekly(main levels), daily levels (minor)
in H1 TF I use fractal high/lows break as entry to my trade, this type of entry will be showed later
Psychology:
I really like Mark Douglas so I took a lot of things in psychology and probalities from his literature. I think everyone should read trading in the zone, it will open your eyes
1. Anything can happen
2. You dont need to know what is going to happen next to make money
3.There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5.Every moment in the market is unique
Why is it works?
1. I objectively identify my edges
2. I predefine the risk of every trade
3. I completely accept risk or I am willing to let go of the trade
4. I act on my edges without reservation or hesitation
5. I pay myself as the market makes money available to me
6. I continually monitor my susceptibility for making errors
7. I understand the absolute necessity of these principles of consistent sucess and violate them
Money Management:
Your money management should cover all possible variabilities that could happen in trading
The most important rule of this for me: always use STOP LOSS
I know that exist a lot of threads about grids, hedging, that big boys stealing SL, broker takes your SL..... anyway I dont care, so find relevant broker with good spreads, swaps, check opinions about broker (best are always from people that trading with him) and you dont have to be aware of wrong slippage and these silly things.. just do your homework!
This is only basic description, because every system(entry) has his own management, in long term/carry trades I use even hedgind but that is not what I want to discuss here
Please note that statistics and probalities are really important things and it is THE THING that makes you money.
There are 4 incomes/outcome from trades
1. Small loss
2. small gain
3. Big loss
4. Big gain
Preparation of graphs:
STEP 1
Draw lines (weekly/ red dot) from your fractals high/lows
Daily routime:
Very important thing in your trading plan should be daily routine, because not everyone could be full time trader and if you develop habits it will positive affect your trading
Monthly entry strategy:
Weekly entry strategy:
Daily entry strategy:
Take profit: you should always think about take profit because true is that is more important that entry because only when you hit PT is the moment when you get money on your bank account, it should be choosen in the same TF as entry and if you want let it run, CHECK HIGHER TF a S/R from these TF
Stop loss: always put it Behind/before S/R zone not into it, if your trade need more breath put it 3x ATR(depends on your TF), it is time when you loose money, but if you count it before open trade that is okay, it is part of your trading, just count, keep rules in your head, propability, edge and theory of big numbers will show
KEEP IN MIND THAT EVERY LOSS TAKES YOU NEAR PROFIT TRADE!
