Market Structure, Support and Resistance

The analysis i made awhile ago. The entry would have been on NFP and the target on the weekend. It's not advisable to trade during NFP and also leave a trade into the weekend, so i didn't take this trade, although today gave a reentry.

One question though, i noticed there is often a conflict in direction between daily TF and weekly/monthly, how do you deal with these situations. eg daily stoch is above 50 and a swing has been broken but stoch on weekly/monthly is oversold or pointing south.

That was a good call Angel, I'll typically avoid NFP, but it is cool to see how true support and resistance is respected, even by news! Technically you're right, you could have re-entered, but due to the swing being broken so minimally, I wouldn't be interested in my second deeper retrace entry like most trades.

As far as conflicting time frames, I sometimes take a glance to see what they're doing, but I place trades solely on the daily time frame. After years of trading watching too many time frames can become a huge hindrance, you'll always see a reason to stay out of trade. One thing that's important to me in my trading in minimal time at the computer AND simplicity, one time frame keeps it simple.

Hope this helps!

Seth

I've attached a trade explorer so I don't have to list every order I place. But it's showing a win rate of 70%, my win rate is over 90%. There are trades that I have a break even stop on that if I hold over night for a couple nights I get hit with a negative swap, so even if a trade is negative 1 cent it counts as a losing trade.

Closed 80% of GBPCAD for profit, runner at BE.

Couple more trades setup with today's daily bar close.

USDCNH, not a valid trade yet, but has retraced to a solid sell level, interested to see what it does here.

Attached a couple charts. Love these levels. I didn't take any trades off of them but great to see the market react where you'd expect it to. these levels were drawn yesterday.

GBPPLN target hit, full position closed.

EURCHF missed entry by 2 pips(see chart)

GBPZAR TP hit.

I trade a similar way, but instead of the stoch, Bollinger bands are perfect for structure. Also I don't know if this will help anyone else but change to line chart. It's perfect for determining exactly where the HH LL LH and HL all are. Just my 2c...

Excellent brother. In fact, broken structures are more interesting. I would recommend to remove the schocastic also. because all the indicators are settings based. with different settings you will get different signals. If you also add volume to your trading , it would bring more better results. Use comparative volume. For example, Price is approaching a support where you are interested to go long. Before going long, just make a comparison that previously when that level(support) was approached by price, what was the volume and what is current volume. If its with greater volume than previous one and price stalls after hitting the level. Then its a very good indication that price will sooner or later will break that level. Otherwise, it bounces with a good volume then its better to hold the trade and vise versa. I am getting very good results with this strategy. And most of times, my entry almost at exact location.

May the green pips be with you always. Thanks for sharing your golden thoughts.

Sorry I forgot to mention one point. This type of trading provides more time to recognize and correct your mistakes and often you find opportunity to close trades with minimum losses. Price never moves straight. It moves in and out of an origin and it mostly return to its origin and from there making new origins. This is the why we always have a wave like patterns in charts.

Gold possible structure...