Disliked{quote} I am almost new to trading. Some points i understand, some didn't i.e. i don't understand point number 3 at all. Please also guide me regarding ADR and volumn related things, these features freely available on tradingview? You mentioned 9 conditions here for a setup, are all these parameters freely available on tradingview?Ignored
The1-hour strategy will be best if starting out
Volume profile is all price levels, and the volume distribution is visually represented as a histogram. POC 'point of control' is the largest amount of volume, during that period, and its price level. It is similar, or the value is usually close to vwap for the same period.
Trading view has it located here, settings
There aren't 9 points needed to trade, it is purely waiting for a break, waiting for a pullback, confirming with volume, and making sure you are moving away from POC and not towards it. That's the basics of it. ADR is the average daily range. It is the previous days' high to low range, measured in pips, all 5 days added together, and then divided by 5. Gives a typical average daily movement in pips. I divide by 6 to get a pip figure, and I take a partial at this. This isn't required, it's important for me because full-time cash flow. If I do this when I have travelled the equivalent distance of my initial stop, and I close 25%, I reduce my initial risk in half.
ADR should be available on TradingView, but it will be an unnecessary complication. If you are starting out, keep it simple, either a 30-min or 1hour timeframe strategy.
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