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Developing my trading style

  • #1
  • First Post: Feb 17, 2018 9:54am Feb 17, 2018 9:54am
I started this to help me keep iron out and track the performance of my trading strategy.

It starts by marking out the major quarter points on the monthly.

I then move down to the daily to identify where price is in relation to these quarter points, where the institutional order blocks are and the long term trend and to determine what price is doing for the day.

On the 4HR I look for the most recent trend and seek to trade in that direction.

I go down to the 1hr and draw fibs to connect swing points. If price is in a downtrend I draw from most recent swing high to low, if it's in an uptrend I draw from the most recent swing low to high. Swing highs and lows are indicated by fractals.

I wait until price reaches a significant fib point on the hourly chart, then I go down to the 15min and wait for a fractal to form indicating a bounce on the line. At that point I enter the market. I'd place my stop loss two fibs below but use a past swing high on the hourly to identify a good tp.

If price seems to be pushing down further on the hourly, I may go down to the 15min to see if a hesitation point formed.
  • #2
  • Feb 17, 2018 10:25am Feb 17, 2018 10:25am
Here's a look at NZDUSD with an application of this strategy.

So first I draw my quarter points. Use the last high indicated by the fractal, I round the price to the close whole number, 0.88, then mark off three 1000 pip intervals in red, then 500 pip ranges with yellow. Price has been ranging in a 500 pip range for a few months on this pair, and is now at the top,suggesting the possibility of a reversal.

https://www.tradingview.com/x/J0oVNLFQ

Then I go down to the daily to look for where the price is in relation to the quarter point, institutional order blocks and long term trends. Price has been making an uptrend, and has returned to a top. I mark off what I suspect is an order block, given that price made a large bearish candle upon crossing the mid-range. Price could extend up, or prepare for a double top formation.

https://www.tradingview.com/x/uyDE2hoJ

On the 4HR I look for the most recent trend and price direction. Price still seems to be making an up trend, though it hasn't made a higher high. In fact, it has respected the ceiling formed by the order block. At this point I think a sell is justified.

https://www.tradingview.com/x/nNWfIBfH

I go down to the 1HR and draw my fibs and wait until price reaches a significant fib point that lines up with market structure: order block, support/resistance. Notice that the .382 aligns near perfectly with the bottom of the order block.

https://www.tradingview.com/x/7A2quduW

I go down to the 15min and wait for a fractal to form indicating a bounce on the line. At that point I enter the market. I'd place my stop loss two fibs below but use a past swing high on the hourly to identify a good tp. 23p by the end of the day is good.

https://www.tradingview.com/x/nW1MZkTI
  • #3
  • Feb 18, 2018 5:03am Feb 18, 2018 5:03am
A simple style that can benefit from using less time frames. Maybe you consider using maximum of three time frames.

Trade safe and prosper.

KP

Quoting elroyg
I started this to help me keep iron out and track the performance of my trading strategy. It starts by marking out the major quarter points on the monthly. I then move down to the daily to identify where price is in relation to these quarter points, where the institutional order blocks are and the long term trend and to determine what price is doing for the day. On the 4HR I look for the most recent trend and seek to trade in that direction. I go down to the 1hr and draw fibs to connect swing points. If price is in a downtrend I draw from most recent...
Do your homework, follow the footprints of smart money
  • #4
  • Feb 18, 2018 5:14am Feb 18, 2018 5:14am
Quoting KeenPips
A simple style that can benefit from using less time frames. Maybe you consider using maximum of three time frames. Trade safe and prosper. KP {quote}
Thanks KeenPips. I usually just look at the monthly once a month, but my daily trading is usually testified to the daily, 4hr and 1hr, with the 15min reserved for precise entries. But I will be giving your suggestion a try though.
  • #5
  • Feb 19, 2018 7:00am Feb 19, 2018 7:00am
Quoting elroyg
Here's a look at NZDUSD with an application of this strategy. ... At that point I enter the market. I'd place my stop loss two fibs below but use a past swing high on the hourly to identify a good tp. 23p by the end of the day is good. https://www.tradingview.com/x/nW1MZkTI
Here's an update to this trade. TP hit. +37p

https://www.tradingview.com/x/ygo8i3ps
  • #6
  • Feb 20, 2018 12:33am Feb 20, 2018 12:33am
On Monday I planned this trade

Attached Image (click to enlarge)
Click to Enlarge Name: WhatsApp Image 2018-02-19 at 9.17.21 AM.jpeg Size: 180 KB


I planned to sell GBPUSD @ 1.4000
SL : 1.0425
TP1: 1.3960
TP2: 1.3945
TP3: 1.3920

When I entered the trade, I placed my SL at 1.40107. Why did I abandon my plan? I was confident price would go down, and so felt a tighter stop wouldn't hurt. I had gone down to the 5min chart trying to find an even better entry, and at that level, the tighter stop seemed validated. But I got stopped out. However, had I followed my trade plan, I would be in 50pip profit.

https://www.tradingview.com/x/wBjkdtRJ

It is true that I could've got stopped out even at my planned entry: notice that price still went within a few pips of that SL. Notwithstanding, the fact is that the real outcome is that my plan worked.

Lesson: stick to my plan. Consider stopping at the 15min.
  • #7
  • Edited 6:36am Mar 6, 2018 6:25am | Edited 6:36am
I'm considering this trade plan:
Sell USDCAD @ 1.2915
Stop @ 1.2945
TP 1 @ 1.2860
TP2 @ 1.2830
TP3 @ 1.2810
with the possibility of going as low as 1.2758

https://www.tradingview.com/x/Hpm4hQPO
  • #8
  • Mar 6, 2018 6:48am Mar 6, 2018 6:48am
Quoting elroyg
I started this to help me keep iron out and track the performance of my trading strategy. It starts by marking out the major quarter points on the monthly. I then move down to the daily to identify where price is in relation to these quarter points, where the institutional order blocks are and the long term trend and to determine what price is doing for the day. On the 4HR I look for the most recent trend and seek to trade in that direction. I go down to the 1hr and draw fibs to connect swing points. If price is in a downtrend I draw from most recent...
Fantastic elroyg!
I want to know weather you trade for a long or short duration?
  • #9
  • Mar 6, 2018 10:35pm Mar 6, 2018 10:35pm
Quoting elroyg
I'm considering this trade plan: Sell USDCAD @ 1.2915 Stop @ 1.2945 TP 1 @ 1.2860 TP2 @ 1.2830 TP3 @ 1.2810 with the possibility of going as low as 1.2758 https://www.tradingview.com/x/Hpm4hQPO
I have subscribed your thread already; and will monitor your posts regularly!
  • #10
  • Mar 7, 2018 9:59am Mar 7, 2018 9:59am
Quoting DineshMT
{quote} Fantastic elroyg! I want to know weather you trade for a long or short duration?
It depends actually. Right now I'm thinking I dont want to hold it longer than a day, to avoid roll over chargers and sharp reversals across days and the weekends. But if the market is looking strong in my favour, I'd ride the wave. What I normally do is move my stop loss to break even once I reach or get close to my first goal so that I can leave the trade running without any risk.
  • #11
  • Mar 7, 2018 10:02am Mar 7, 2018 10:02am
Quoting LuizGuilher
{quote} I have subscribed your thread already; and will monitor your posts regularly!
Thanks for the subscription Luiz. I have 3 years of experience, but I'm not profitable yet. I'm hoping that my journey will inspire and educate others. So I'd say trade at your own risk, and if you have any advice for me please feel free to share
  • #12
  • Mar 7, 2018 10:06am Mar 7, 2018 10:06am
Quoting elroyg
I'm considering this trade plan: Sell USDCAD @ 1.2915 Stop @ 1.2945 TP 1 @ 1.2860 TP2 @ 1.2830 TP3 @ 1.2810 with the possibility of going as low as 1.2758 https://www.tradingview.com/x/Hpm4hQPO
Managed to make a little profit on this trade. Once I made 15 pips in profit, I moved my stop loss to entry, solidified some profit and let the rest ride. But by 2pm I closed out because it started to range. Didn't make it to my first TP before reversing all the way out.
  • #13
  • Last Post: Mar 7, 2018 10:10am Mar 7, 2018 10:10am
Trade Idea:

USDJPY
Sell @ 106.10
SL : 106.40
TP : 105.55

https://www.tradingview.com/x/cIn5ju49

Price respected the ceiling of what I see as an institutional order area (rectangle in red), so I'm thinking it will range in that area. I'm looking for a retest of that line before a descent to the floor of the area.
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