I wanted to start this so that I had a place to put my trades, ideas, as well as all those little gems found scattered all over this forum that resonate with me.
I trade using monthly, weekly and daily S/R levels. I tend to gravitate to channels, and I’ll also look for double or triple tops/bottoms, which is simply just price testing a S/R level and failing. If I don’t see anything on the daily chart I’ll look at the 4H.
I stick to smaller positions, 1 or 2 percent of my account balance, and keep my risk around 1% per pair. I like to play it safe as I’m in it for the long haul. Unless I see a money trade, in which case I’ll bet the farm!
Kidding, I don’t own a farm…
Indicators: I like the idea of indicators, however, they don’t usually stay on my charts for more than 2 or 3 weeks before they’re deemed obsolete. I do like to experiment with them, some I play with more than others such as MA’s for trends, Ich. Cloud for shorter time frames on the rare occasion, but it usually comes back down to simple price action, long term.
My charts generally look like this:
AUDUSD Monthly, long term - Bounced off SR2, headed down to SR1
4H Bounced off major S/R area, ascending channel forming. Target exit for this trade would be at the bottom of the channel which also lines up with a daily support area.
Sell Stop order at 0.68309, SL just above Resistance at 0.70529.
I’m being cautious with the USD right now due to what’s going on with COVID-19, which is why I placed an order rather than going right in. Order are the safest way to go anyways, regardless of what’s going on.
Alright, it’s late, time to hit the hay!