I made a longer thread but my internet browser crashed. So I will keep this short.
I was drawing trend and S & R lines after deciding 15 size renko boxes are best for me. I basically got carried away and came up with a simple but unique trend drawing system which I have to say… looks very promising.
I’ve not used it yet and I am a Newbie but thought I would make thread as were here to help eachother.
Look what formed whilst I fell deep into this system.
I highlighted the ammount of times these key S & R areas occured. You might say this is all hindsight but while I was doing this I was shocked many times how areas of S&N would come out of knowhere formed from a line days/weeks back…
You can see in the pic to the right that lines are there. I am very confident they will act as key levels. I wont be trading the demo or live. I just want to see where PA goes and if these levels do act as I think they will. Then there will be no doubt I am on to something…
Will update this thread with another SS after PA has hit.
P.S IF you cant make out head or tail looking at the pic… Sorry I removed all lines which were in useless trend areas so 1 line line may be chopped up. But I colour coded it so perhaps you can make it out…
If anyone is interested to no more such as where the white and purple lines came from just show interest in this thread an I will be happy to discuss.
Okay… so you can identify levels that get hit often, and are temporary turning points in the market.
Question is, can you now put together a system that manages your money, and your risk well, and will give you the best chance for profiting?
And will you have the mental toughness to implement it?
And the learning phase of this journey may last YEARS so don’t give up easily and don’t expect to be consistently profitable straight away. Also understand that it’s not about huge pips. If you can make 10 pips in every trade you beat the spread and by increasing your Lots your a winner.
Yes I am aware that knowing the key areas of support/resistance wont generate profits without the MM and the rest. This is why I wont be trading demo or live yet. Havn’t quite figured out how to implement this to work while also having a full time job. But working on it
Lol. Pairs are different, so if a strat works on one it doesn’t say it works on all other pairs as well. They all have different atrs and characteristics. So if a strat works on just one pair that doesn’t say it’s bad. However, you need imho a minimum 2 years and ~ 100 trades test of a system to know if your strat even works reliable on one pair. Just a few weeks is definitely not enough time to gain knowledge about strat consistency. I tested more than a hundred bots from all over and also my own bots and more than enough showed profits the first year and becoming money suckers the second year, lol.
Anyways, good luck in finding a profitable strat! If you find one, then the work really starts with developing risk/money management tactics.
I have used a commercial forex tester and datafeed to backtest my completely manual and discretionary system. In total probably around 40 years I have played through using several different currencies. 10 years for each pair. So it’s completely possible just do you have the determination to sit there for days on end working on your system.
Well perhaps I could continue with this strat for this AUSUSD pair. However I am not keen on even using Renko bricks in MT4. Its so unstable, problems always occur. Cant use it for a live account… Will need to either find a strat using candles or find a platform using Renko without a £100 charge every month…