Hi my name is Blake and I have been trading live for approx two years. I’ve tried just about every strategy there is and had alot of mixed results. Most are profitable but not consistent for my style. My strategy is flexible, it doesn’t require a set of rules or even a whole lot of discipline. It takes the cowboy approach and is a bit of an outlaw. Here’s why-
I use all the most common and basic indicators, they include-
EMA 5 close
EMA 8 open
SMA 60 close
ADX default
MACD crossover default
RSI 21
You won’t need any of these to make a trade they are in place as a guild line to give you an “idea” of how the market it behaving. In other words the RSI will let u know whether it is oversold/bought. The ADX for strength of the trend. MACD to keep you from falling victim to divergence. And the MA’s for entry’s and exits.
All common knowledge and common sense is what gives you the “edge”. Start with basic trend lines/price channels/SR levels. Use these with only the obvious patterns, stay away from the messy ones! Don’t try and imagine a messy pattern into a clean one it won’t work.
Once you identify a clean trend, check those indicators, there only there to get you out of trouble, if there not exact, hey don’t worry about it, this isn’t an exact science. The chart is where it all happens. Wait for a bounce of a trend line or SR level and enter on a crossover of the MA, the SMA is only to show you the overall direction of the trend, again it doesn’t have to be exact. I like to draw a Fibonacci over the trend lines to give me an exact point of entry, Works great.
As for TP’s I won’t set them, I let it run as far as possible then exit manually, but that’s up to you. SL can be fairly short when you enter on a rebound from a trend line or channel.
I use the 4hr 1hr 15m timeframes-
4hr for a large overview of the trend
1hr I use for all my drawings
15min for sharper entries
Being flexible is the key, the market won’t be nice to you so don’t be nice to it. Enter only on very clear patterns, like you would see in a text book.
Do not over leverage or over trade that’s just common sense. What will stop you from getting wiped out is those short SL’s. because your entering off those tops and bottoms it makes it so much easier to keep them tight.
I personally prefer bounces off triangles and price channels but that’s just me. This works great for me, now I am consistently profitable and I take every loss as a win coz it will show me not to make that mistake again. And we only need to be told once. Good luck any questions?