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T.I.T.W.I.T - Trading System

  • #1
  • First Post: Edited 2:35am Aug 6, 2022 12:16am | Edited 2:35am
Finally, after a few journey years in the forex wilderness, I’ve decided to start my very first “trading systems" thread here at FF.

T.I.T.W.I.T is an acronym for the easily understandable “This Is The Way I Trade”

I’m NOT here to tell any other trader How/What/When/Where/Why to trade. I just hope to set up a space where I can explain how I approach the markets & share my trades. I also hope I can deepen my own trading knowledge in regards my system and possibly help other traders who visit this thread who might find something that they like and can add to their own methods.

May the markets forever be in your favour!

How I setup my Trading View chart:

Pair: EURUSD – 4 decimal chart
Timeframe: 5-minute
Trading View Indicators: 25 EMA / Traditional Daily Pivots / 50 pips Round Number
Vertical Axis has 20 pip spacing / Horizontal Axis spaced to show approx. last 8 hours of price action

STOP: 10 pips
TARGET: 20 pips (Asian Session 10 pips)
ENTRY: At Market Order on a 1 pip Break of the Set Up


The WAY (“This is the my Way!” )
Obviously, when trading off of a 5 minute chart, all of these questions need to be able to be answered relatively quickly and as clearly as possible.

1. WHO?

 

  1. Who is dominating the market right now?
  2. Answer: Price vs Slope of the 25 ema


2. WHAT?

  1. What is the current price action telling me?
  2. Answer: Look for the build-up, the false highs and lows and the double pressure


3. WHEN?

  1. When are "ALL" of the movers & shakers active?
  2. Answer: Monitor the Opens of the Tokyo, European, UK & NY markets in specific time windows that are tradeable for me.


4. WHERE?

  1. Where is price currently trading at?
  2. Answer: Check for the Double Zeros, the 50s, the Pivot Points and the 25 ema

5. WHY?

  1. Why should I enter the market now?
  2. Answer: The Set Up

More detail to address each of the answers to these questions will be provided both on the charts and in individual posts.

Empty your mind and let the market guide you
  • #2
  • Aug 6, 2022 12:26am Aug 6, 2022 12:26am
The system, or “way” which is what I’ll call how I trade, is heavily influenced by Bob Volman’s work from his excellent book, “Understanding Price Action”. This book really helped me tie together the majority of what I have learned thus far as well as helped me to let go of a few things that were really not working for me.
Empty your mind and let the market guide you
  • #3
  • Aug 6, 2022 12:31am Aug 6, 2022 12:31am
Attached Image (click to enlarge)
Click to Enlarge Name: WED 030822 NY Session.png Size: 16 KB

I'm just posting an example chart to give a quick idea as to what my chart looks like.

I use trading view charts for all my charting but of course, as a retail trader, I use MT4 for my trades.

I only trade the EURUSD market and the charts I post will all be of the 5 minute price action.
Empty your mind and let the market guide you
  • #4
  • Aug 6, 2022 12:46am Aug 6, 2022 12:46am
Quoting SunnyCoast
Finally, after a few journey years in the forex wilderness, I’ve decided to start my very first “trading systems" thread here at FF. T.I.T.W.I.T is an acronym for the easily understandable “This Is The Way I Trade” I’m NOT here to tell any other trader How/What/When/Where/Why to trade. I just hope to set up a space where I can explain how I approach the markets & share my trades. I also hope I can deepen my own trading knowledge in regards my system and possibly help other traders who visit this thread who might find something that they like and...
Good luck with developing the system thread but fair warning, it might end up in the Journal's section by the moderators. I've tried to post systems here in the past and, in the Journal abyss they went.
  • #5
  • Aug 6, 2022 12:56am Aug 6, 2022 12:56am
Quoting ohyeah
{quote} Good luck with developing the system thread but fair warning, it might end up in the Journal's section by the moderators. I've tried to post systems here in the past and, in the Journal abyss they went.
Thanks for the info. I hope they don't as it is not my intention to use the thread as a journal but at the end of the day it is their forum that they have to monitor I guess.

Empty your mind and let the market guide you
  • #6
  • Aug 6, 2022 12:57am Aug 6, 2022 12:57am
Quoting SunnyCoast
{image} I'm just posting an example chart to give a quick idea as to what my chart looks like. I use trading view charts for all my charting but of course, as a retail trader, I use MT4 for my trades. I only trade the EURUSD market and the charts I post will all be of the 5 minute price action.
@SunnyCoast , welcome back .
  • #7
  • Aug 6, 2022 1:00am Aug 6, 2022 1:00am
Quoting SunnyCoast
{quote} Thanks for the info. I hope they don't as it is not my intention to use the thread as a journal but at the end of the day it is their forum that they have to monitor I guess.
My system had rules for entries, exits, etc.

I think it mostly depends on their mood and general attitude of the day. I don't think it's based on clear rules that they strictly follow in order to categorize the threads.
  • #8
  • Aug 6, 2022 1:02am Aug 6, 2022 1:02am
Quoting munchie
{quote}@SunnyCoast , welcome back .
Hey Munchie!! Thanks for the kind greeting. I've been toiling away in the shadows for what feels like an eternity. I've both qualified for funded programs and been dis-qualified from funded programs.

Hope your trading has been solid and that you continue to move forward each and every week.
Empty your mind and let the market guide you
  • #9
  • Edited 6:28am Aug 6, 2022 1:15am | Edited 6:28am
1. Who?

 

  1. Who is dominating the market right now?
  2. Answer: Price vs Slope of the 25 ema

More Detail:
I will simply check the relationship between price and the slope of the 25 ema on the 5-minute chart to let it tell me who is in “control” at the moment.
You can think about this relationship as deeply as you want but best to keep it simple and see if the 25ema is rising/falling and whether price is above, below or getting squeezed on the 25 ema.

What it looks like:

Attached Image (click to enlarge)
Click to Enlarge Name: Who is in charge.png Size: 13 KB
Empty your mind and let the market guide you
  • #10
  • Aug 6, 2022 1:16am Aug 6, 2022 1:16am
Quoting SunnyCoast
{image} I'm just posting an example chart to give a quick idea as to what my chart looks like. I use trading view charts for all my charting but of course, as a retail trader, I use MT4 for my trades. I only trade the EURUSD market and the charts I post will all be of the 5 minute price action.
Hi SunnyCoast

We both share the same love of EURUSD so that's interesting. I trade EURUSD with Pepperstone which offers very similar spreads as IC Markets does, plus has the advantage of being able to trade directly off the Trading view platform or you can use the free edition of Quantower multi asset trading platform if you like as well.

Looking forward to seeing some more charts.

Cheers
Trading thin liquidity at the boundary of the charts
  • #11
  • Aug 6, 2022 1:17am Aug 6, 2022 1:17am
Quoting SunnyCoast
{quote} Hey Munchie!! Thanks for the kind greeting. I've been toiling away in the shadows for what feels like an eternity. I've both qualified for funded programs and been dis-qualified from funded programs. Hope your trading has been solid and that you continue to move forward each and every week.
@SunnyCoast , I remembered you were very patience , good trader back there , i was too far behind you . It have been +4 , I envy you long ago , recently i thought about and think you might have been very very very profitable and have no time to visit FF room. My trading better than before but still not a profitable trader yet . Your chart you dont want to have any indicator , just price action ,very simple chart .With me never enough to learn , I will following you and hope can learn some from you then . I dont have a nerve to have my own thread . Back then you told me ,the only thing i can learn that was open my journey but i dont dare to have my own.Thanks for your thread and hope every traders can learn from you @SunnyCoast.
  • #12
  • Aug 6, 2022 1:22am Aug 6, 2022 1:22am
Quoting RickM
{quote} Hi SunnyCoast We both share the same love of EURUSD so that's interesting. I trade EURUSD with Pepperstone which offers very similar spreads as IC Markets does, plus has the advantage of being able to trade directly off the Trading view platform or you can use the free edition of Quantower multi asset trading platform if you like as well. Looking forward to seeing some more charts. Cheers
Wonderful to hear from you again Rick! I have so much respect for how you trade the markets.

Funny that you mention Pepperstone as I've been checking them out for the past 2 months and chatting with them in regards moving my accounts to them.
I'm yet to take advantage of trading directly from TV charts as I have a wonderful trade manager EA for MT4 that I just can't give up. I'm such a tight ass.

Stay healthy and keep doing what you do!!
Empty your mind and let the market guide you
  • #13
  • Aug 6, 2022 1:34am Aug 6, 2022 1:34am
Quoting munchie
{quote} @SunnyCoast , I remembered you were very patience , good trader back there , i was too far behind you . It have been +4 , I envy you long ago , recently i thought about and think you might have been very very very profitable and have no time to visit FF room. My trading better than before but still not a profitable trader yet . Your chart you dont want to have any indicator , just price action ,very simple chart .With me never enough to learn , I will following you and hope can learn some from you then . I dont have a nerve to have my own...
Thanks Munchie, you must have an amazing memory to remember that and I appreciate the kind words. Nothing much has changed as that is just the type of person I am but, of course, we all have our demons and we have to learn how to live with them.

In regards your own trading, as I hate to give others advice, what I can say is that for me I just learned how to almost "enjoy" taking losses even when the loss came from a trading mistake. At the end of the day, I prefer to trade manually and I'm going to have great days and not so great days, but my winners nicely take care of my losing trades so there is no need to worry about losing trades anymore.

Just keep putting the pieces together until it looks right for you.
Empty your mind and let the market guide you
  • #14
  • Aug 6, 2022 1:51am Aug 6, 2022 1:51am
Quoting SunnyCoast
How I setup my Trading View chart: Pair: EURUSD – 4 decimal chart Timeframe: 5-minute Trading View Indicators: 25 EMA / Traditional Daily Pivots / 50 pips Round Number Vertical Axis has 20 pip spacing / Horizontal Axis spaced to show approx. last 8 hours of price action
just a suggestion to 'qualify' under 'Trading Systems'.
edit #post 1 to include this #post 9 so that anyone coming to this thread knows immediately what the method entails.
also include under what conditions to put through a trade entry. if possible SL and TP (which can be up to each individual).
finally a m5 chart to show all the details above in order to be less ambiguous.
but this is all up to you.
ITB - Seeing Orderliness amongst 'Randomness'
  • #15
  • Aug 6, 2022 2:00am Aug 6, 2022 2:00am
Quoting Inthebox
{quote} just a suggestion to 'qualify' under 'Trading Systems', edit #post 1 to include this #post 9 so that anyone coming to this thread knows immediately what the method entails. also include under what conditions to put through a trade entry. if possible SL and TP (which can be up to each individual). finally a m5 chart to show all the details above in order to be less ambiguous.
That advice is really appreciated. I will definitely do that as time permits. I 100% agree that if all the information can be in the first few posts it will easily help people to make a quick decision as to whether or not to spend any of their valuable time exploring the thread any further.

If you know any of the forum leaders please let them know that will be my intention.

P.S.: Crayon Shinchan used to really crack me up.
Empty your mind and let the market guide you
  • #16
  • Aug 6, 2022 2:04am Aug 6, 2022 2:04am
Quoting SunnyCoast
{quote} If you know any of the forum leaders please let them know that will be my intention. P.S.: Crayon Shinchan used to really crack me up.
you can try contacting Twee.
whenever i try to talk like him to wife, she will give me a fierce look. lol.
ITB - Seeing Orderliness amongst 'Randomness'
  • #17
  • Edited 6:27am Aug 6, 2022 4:58am | Edited 6:27am
2. WHAT?

  1. What is the current price action telling me?
  2. Answer: Look for the build-up, the false highs and lows and the double pressure


Build-up

Build up is simply when price starts to go sideways for a few candles or more and starts to get squeezed against a barrier or the ema. I want to see this during my specific trading windows.

False Highs & False Lows

These are 2 candle patterns where the second candle trades above or below the previous candle's extreme price and then closes back inside the previous candle’s range. Depending on where these candles occur they are either a signal to get ready to enter or a signal that something could be setting up in the near future.

Double Pressure

This is when both bulls and bears might have to trade in the same direction if a significant break were to occur.


What it looks like:
Chart to come.

Empty your mind and let the market guide you
  • #18
  • Edited 6:27am Aug 6, 2022 5:06am | Edited 6:27am
3. WHEN?

  1. When are "ALL" of the movers & shakers active?
  2. Answer: Monitor the Opens of the Tokyo, European, UK & NY markets in specific time windows that are tradeable for me.


More Detail:

My chart is currently set to Central European Summer Time. Therefore, all times I quote here are in that time zone.

During the trading day and depending on my life schedule, I will try and monitor 3 specific windows of time to see if there are any tradeable setups for me.

[24 hour time]
Asian Session – 2 to 5
U.K. Session – 9 to 12
N.Y. Session – 14 to 17

What it looks like:
Chart to come.

Empty your mind and let the market guide you
  • #19
  • Aug 6, 2022 6:27am Aug 6, 2022 6:27am
4. WHERE?

  1. Where is price currently trading at?
  2. Answer: Check for the Double Zeros, the 50s, the Pivot Points and the 25 ema

More Detail:

Here I want to be monitoring the nearby levels in the market that could affect how price is currently moving and how it might move soon.
For me, these are the

  1. Double Zeros, e.g., 1.0100 and the 50 levels, e.g., 1.0250
  2. Daily Pivot Point and the associated Support and Resistance calculations
  3. 25 ema
  4. 40% to 60% retracement zone if price is in a pullback phase.


What it looks like:
Chart to come.

Empty your mind and let the market guide you
  • #20
  • Aug 6, 2022 9:53pm Aug 6, 2022 9:53pm
5 minutes charts?

Good luck with that

And other mentioned about being a Trading System, much better to be in Trading Journal section

That way, only real friends will find and support you

And really, good luck with whatever you do
It takes a lot for me to IGNORE you, but you can try.
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