Yes, I am fully aware that with this longer term approach that it will be absolutely boring, take forever to get good powerful signals But the targets and the amount of pips will be absolutely huge and completely rewarding. This is why while my long term positions are running, I can use that time to get some much needed rest, soak in the sunshine, read, write, watch movies, spend time with my friends, enjoy my music, art and my other creative hobbies
I am forced to trade on the higher timeframes simply because I have other important work, hobbies and creative interests that take up all of my free time.
Tools I like to use on my charts are the following:
- Donchian Price Channels (modified Channels set at 13 or 16 with Median Band)
- Manually drawn trend lines, trend channels, triangles, flags and harmonic patterns like Butterflies, Gartley's, Cypher's or Wolfe Waves
- Bill Williams Fractals
- Bill Williams Alligator (or a faster modified version with Lips set at 3,1 instead of 5,3)
- Any one Oscillator like Stochastics, CCI, RSI or Williams %R (for helping spot divergences, OB/OS levels, etc.)
- Fibs
- Several different Currency Strength Meters to scan for opportunities
- Or sometimes I will trade naked and only manually draw horizontal zones while keeping my eye on the Strength Meters (while looking for harmonic breakout patterns, bar or candlestick formations, hammers or pin bar rejection candles, fractal reversal zones, fib levels, momentum, etc.)
It's time we stop entertaining ourselves and start realizing ourselves!