This is really good! I fully appreciate your input. There are several things that interest me in what you are saying but mainly you mention time stops. I have only recently read material on time stops but have not met or read anything yet that suggests how a time stop should be used. Do you have a method for this?
Also about your start if mentions for indicators, I can only say that people need to know HOW to use their indicators. For example, everyone talks about MACD. MACD this and MACD that… blah blah blah… but did you know that the MACD is designed to be used in a less volatile environment and best not used in high volatile intraday times? No wonder people fail if they don’t know how to use the indicator.
Another one I found interesting was ADX. This indicator is only to be used on Daily TF or higher. It is too much of a lagging indicator to be used in any smaller TFs.
I have been trading for about 8 years now and in some times very successfully but I had not come across the thought of certain indicators are ONLY used in non-volatile or sideways markets and other are designed to be used in volatility. Lesson learned for me is that if you are going to use the indicator, study what the indicator does and when best to use it.
I personally like all your recommendations as I have come to the conclusion that trading forex is simpler that people hype it to be. Candlestick patterns on high TF with trend lines, S/R, breakouts & time stops are a great way to go. I too have noticed I need to set SL, TP and just not look at the market too much. My trade win ratio is not bad at the moment but it is not worth anything to me if I close my trade to early and don’t wait for a decent reward. I can’t just TP at 10 pips if there was 50-150 to take.
My latest study is to think about these S/Rs. There is so much out there. Fibs, Camerillas etc etc… I think my favorite one at the moment is Murrey Math lines. I think it’s because I was heavy in Gann theory at one point and would like to rework a strategy involving MMlines, Gann Theory with Candlestick Patterns.
I wouldn’t mind doing something with harmonic patterns but it seems to me they are not as successful as the hype makes it up to be.
Thanks for all your postings!