I use the following indicators:
- Pivot points: daily, weekly and monthly.
- Trend lines & parallel lines.
- Price action / support & resistance.
- Fibs.
- Other traders. They may have different strategies but the same turning-point as i have.
- Cross pair confluence.
- Elliott wave theory.
My strategy:
- I need to have a long term view on a pair to know in what direction i want to trade.
- I want to risk max 10 pips by trading off the 1 minute time-frame and let my trade run after i moved my stop loss to break even.
- When target is far away i may add in lower time-frame if nothing else important is going on.
- I enter my trade only where there is confluence.
- My main trade indicators are the daily, weekly and monthly pivot point on entry but i may enter without it in my confluence.
- When rejection is poor, i walk away from the trade even if i have some loss.
- I don't enter trades on Friday later upon the day because then traders close their positions and price becomes less predictable and between Friday and Monday a gap can occur which can leave me with a loss larger then my stop-loss. Will look how price is rejected. Can close trade and buy trade back on Monday.
- I only want to trade pairs with a low spread.
- Pivot points: daily, weekly and monthly.
- Trend lines & parallel lines.
- Price action / support & resistance.
- Fibs.
- Other traders. They may have different strategies but the same turning-point as i have.
- Cross pair confluence.
- Elliott wave theory.
My strategy:
- I need to have a long term view on a pair to know in what direction i want to trade.
- I want to risk max 10 pips by trading off the 1 minute time-frame and let my trade run after i moved my stop loss to break even.
- When target is far away i may add in lower time-frame if nothing else important is going on.
- I enter my trade only where there is confluence.
- My main trade indicators are the daily, weekly and monthly pivot point on entry but i may enter without it in my confluence.
- When rejection is poor, i walk away from the trade even if i have some loss.
- I don't enter trades on Friday later upon the day because then traders close their positions and price becomes less predictable and between Friday and Monday a gap can occur which can leave me with a loss larger then my stop-loss. Will look how price is rejected. Can close trade and buy trade back on Monday.
- I only want to trade pairs with a low spread.