My strategy is pretty simple:
- Find a trend on any time frame and focus on that pair and time frame
- Wait until price pulls back to the 50 EMA
- Buy/sell when indicators/PA confirm
Few notable indicators that I use:
- Round numbers that I use for support/resistance and it prints it automatically
- Pivots
- Stochastics for OB/OS (I know many say there isn't such thing as OB/OS, but I use it in a slightly different way) and for divergence
- 50 EMA high and low that marks the channel
I'd need general improvements and ideas from fellow trend traders in order to improve and minimize my losses. Here are my weak spots:
- Not utilizing multi time frame analysis (or at least checking one higher time frame from the TF you trade) since I do not know what to check and look out for to be frank as I tend to aim for a quick 1:1 RR and a SL of an average of 8 pips. I was thinking about using it to check the higher time frame trend and then enter on the lower time frame in order to pinpoint my entry and to have a bigger RR, but not sure how to do that ... confusing stuff.
- Not being able to catch an entry when price rallies/drops strongly with a very steep angle
- Not truly utilizing a lot of candlestick pattern, except pinbars and engulfings. And since I trade on lower TF most of the time, candlestick patterns don't feel very reliant and not sure what to do at this point
- Not using any specific pattern but just using general price action to hop onto a trend. I'd love to have some sort of pattern I could follow but not sure which one. I still, however, have an edge in my trading; just looking to improve the winrate.
- Not knowing what to pay attention to when buying/selling the dips in an up/down trend since I am mostly focused on indicators (i.e. 50 EMA). Without it, I wouldn't know when to jump into the trend.
Any input would be very appreciated. There are no right and wrong answers and any idea posted here will be used to further enhance my strategy. Thank you for everyones contribution.
- Find a trend on any time frame and focus on that pair and time frame
- Wait until price pulls back to the 50 EMA
- Buy/sell when indicators/PA confirm
Few notable indicators that I use:
- Round numbers that I use for support/resistance and it prints it automatically
- Pivots
- Stochastics for OB/OS (I know many say there isn't such thing as OB/OS, but I use it in a slightly different way) and for divergence
- 50 EMA high and low that marks the channel
I'd need general improvements and ideas from fellow trend traders in order to improve and minimize my losses. Here are my weak spots:
- Not utilizing multi time frame analysis (or at least checking one higher time frame from the TF you trade) since I do not know what to check and look out for to be frank as I tend to aim for a quick 1:1 RR and a SL of an average of 8 pips. I was thinking about using it to check the higher time frame trend and then enter on the lower time frame in order to pinpoint my entry and to have a bigger RR, but not sure how to do that ... confusing stuff.
- Not being able to catch an entry when price rallies/drops strongly with a very steep angle
- Not truly utilizing a lot of candlestick pattern, except pinbars and engulfings. And since I trade on lower TF most of the time, candlestick patterns don't feel very reliant and not sure what to do at this point
- Not using any specific pattern but just using general price action to hop onto a trend. I'd love to have some sort of pattern I could follow but not sure which one. I still, however, have an edge in my trading; just looking to improve the winrate.
- Not knowing what to pay attention to when buying/selling the dips in an up/down trend since I am mostly focused on indicators (i.e. 50 EMA). Without it, I wouldn't know when to jump into the trend.
Any input would be very appreciated. There are no right and wrong answers and any idea posted here will be used to further enhance my strategy. Thank you for everyones contribution.