I'm starting this thread to track my trades using simple analysis of support and resistance. I've set up a trade explorer to show a live IBFX account I have going; this is the account I'll track using this thread.
Basic Style:
My trading style revolves mostly around using major horizontal support and resistance zones and trend lines. I sometimes support this by using Fibonacci retracements and MACD (looking for higher timeframe divergence). I don't tend to use many indicators.
Basic Approach:
I start out by looking at higher timeframes (weekly, monthly) to get an idea of where price is going and to determine the major horizontal support and resistance zones. I then look at the daily and 1 hour charts to get ideas for entry points. Once I'm in a trade, I typically use the 1 hour charts to update my stops and decide when to get out of the trade.
Risk:
I typically trade a maximum of 5% of my account on a given trade (I have a fairly small account). That said, once a trade is going in my direction, I look to move in my stop as soon as possible to decrease the risk.
My posts in this thread will be mostly for myself, but I'm more than happy to discuss how I trade with others that might be interested. I'll often post images and sometimes likely video as well. I find this helps me keep focus and prevents me from trading without going through the motions (patience is a virtue, and not one of my greatest skills...).
Basic Style:
My trading style revolves mostly around using major horizontal support and resistance zones and trend lines. I sometimes support this by using Fibonacci retracements and MACD (looking for higher timeframe divergence). I don't tend to use many indicators.
Basic Approach:
I start out by looking at higher timeframes (weekly, monthly) to get an idea of where price is going and to determine the major horizontal support and resistance zones. I then look at the daily and 1 hour charts to get ideas for entry points. Once I'm in a trade, I typically use the 1 hour charts to update my stops and decide when to get out of the trade.
Risk:
I typically trade a maximum of 5% of my account on a given trade (I have a fairly small account). That said, once a trade is going in my direction, I look to move in my stop as soon as possible to decrease the risk.
My posts in this thread will be mostly for myself, but I'm more than happy to discuss how I trade with others that might be interested. I'll often post images and sometimes likely video as well. I find this helps me keep focus and prevents me from trading without going through the motions (patience is a virtue, and not one of my greatest skills...).