I am just seeking to establish an online journal so I can evaluate my system and performance and establish consistence with the method I am using.
I am MAINLY trading these pairs... USDJPY, EURJPY, USDCAD, EURUSD H1 to WEEKLY
I use two systems based on CANDLESTICKS
One approach is aggressive for Intraday and the other more conservative for Swing Trading.
To pay attention to Location by identifying support & resistance and to properly time my entries based on reaction to S&R and confirmed "BREAKOUTS". I will scan H4 through Weekly to evaluate the strength of the Support or Resistance Level that I am seeking to trade.
SETUP#1 OR SYS#1
Every bearish candlestick pattern consisting of TWO OPPOSITE COLOR BARS creates support which we buy AND every bullish candlestick pattern consisting of TWO OPPOSITE COLOR BARS creates resistance which we sell. (SETUP#1)
Opposite of the above for Support.
Bullish bar lows create support and Bearish bar highs create resistance. Particular attention should be given to those around Swing Highs and Swing Lows.
Essential question to ask yourself here is "Where did price turn?"
KEY NOTE ON S&R: Past support becomes future resistance. Past Resistance becomes future support.
SETUP#2 OR SYS#2
SWING BREAKOUT STRATEGY
The First bullish bar from a Swing High will give sell at nearest round number below its low AND first bearish bar from Swing Low will give buy at the nearest round number above its high.
- Buyers love the lowest bearish bar High
- Sellers love the highest bullish bar Low.
Entries, Stops & Taking Profit
SETUP#1 - STOP Below Swing Low or Above Swing High. TP at Next Swing High/Low
SETUP#2 - STOP above/below setup candle H/L. TP H1 - 30pips, H4 - 50pips, above H12 - 80 Daily -140pips, Weekly 200+
If I see a possible swing trade, I will swing to weekly target.