1) Delete all indicators
2) Of course we must able to determine the flow of the market. Simply like this, if I dont know where my location is, the map will be completely useless.
3) The Flow of the market is always repeating. Trending --> Retrace ---> Break Reversal or Break Trend Continuation ---> Trending ---> Retrace ---> and on. There is Sideway between each flow. That is where the game start.
4) Then decide what kind of Trader we want to be. Scalper/Intraday? Short Term? MidTerm? LongTerm?
Lets talk about Scalper/Intraday, which is M5 or M15 is being used, or even M1.
5) Only trade where the volatility is high enough, a) London Open to London Day Break. b) New York Open to London Close.
6) No trade on a day when there is High Impact News.
7) Determine the previous market flow.
8) Ex: Previous Flow is Trending, and still doesnt have any meaningfull retracement. So you expect market will be stop for a while (sideway), then retrace. Remember, the flow of the market is always repeating. In this case, you will trade for retracement, which is the easiest way to enter but hard to exit (because of greed, or the market sharply continue the trend in case of extreme condition).
9) Maximum target for trading retracement is at Last Break Out (meaningfull HL before recent LL or meaningfull LH before recent HH)
10) Cut Loss when the market formed another LL, or when market reach your risk tolerance.
Sorry no image added, because you want to learn from recent real market condition.
There is so many type of trending market, there is also so many types of retracing market, and on.
Question to answer for mastering this strategy:
1) What is Trending?
2) What is Retracement?
3) What is Reversal?
4) What is Trend Continuation?
5) What is Sideway?
6) What is Volatility?
7) What time is London Open, New York Open, London Close?
8) What is High Impact News?
9) What is HH LH LL HL?
10) What is Target, Stop Loss, Cut Loss?
13) What is Risk Tolerance / Risk Management?
I love swing trading with no indicators. Fundamental drivers important too.
1) Delete all indicators
2) Of course we must able to determine the flow of the market. Simply like this, if I dont know where my location is, the map will be completely useless.
3) The Flow of the market is always repeating. Trending --> Retrace ---> Break Reversal or Break Trend Continuation ---> Trending ---> Retrace ---> and on. There is Sideway between each flow. That is where the game start.
4) Then decide what kind of Trader we want to be. Scalper/Intraday? Short Term? MidTerm? LongTerm?
Lets talk about Scalper/Intraday, which is M5 or M15 is being used, or even M1.
5) Only trade where the volatility is high enough, a) London Open to London Day Break. b) New York Open to London Close.
6) No trade on a day when there is High Impact News.
7) Determine the previous market flow.
8) Ex: Previous Flow is Trending, and still doesnt have any meaningfull retracement. So you expect market will be stop for a while (sideway), then retrace. Remember, the flow of the market is always repeating. In this case, you will trade for retracement, which is the easiest way to enter but hard to exit (because of greed, or the market sharply continue the trend in case of extreme condition).
9) Maximum target for trading retracement is at Last Break Out (meaningfull HL before recent LL or meaningfull LH before recent HH)
10) Cut Loss when the market formed another LL, or when market reach your risk tolerance.
note: HH LH LL HL is hard to identify in small timeframe due to noises and spikes.
Sorry no image added, because you want to learn from recent real market condition.
There is so many type of trending market, there is also so many types of retracing market, and on.
Question to answer for mastering this strategy:
1) What is Trending?
2) What is Retracement?
3) What is Reversal?
4) What is Trend Continuation?
5) What is Sideway?
6) What is Volatility?
7) What time is London Open, New York Open, London Close?
8) What is High Impact News?
9) What is HH LH LL HL?
10) What is Target, Stop Loss, Cut Loss?
13) What is Risk Tolerance / Risk Management?