Edit - I have moved this thread from Trading Journals to Trading Systems.
Hello Pipsters and Happy New Year (almost)!
Another year, a new beginning. I have decided to create this new thread to share my main strategy, which is basic support/resistance on 3 different time-frames.
This strategy used areas of S/R on the 4H, 8H & 1D TF’s to enter with the trend. I will not be using any indicators, I’ve wiped my charts clean of them (except for the Performance Indicator at the top Right).
Risk: 1% max per trade.
SL: Just past the S/R levels
TP: TBD
That’s typically what I try to do when there are obvious levels. Otherwise, I will sometimes set a default 1:2 RR just in case of a price surge, or just aim for a 1:1 RR.
Other times I’ll open a hedge position instead of a SL and wait to see if price comes back to give it a second chance, then if it does, close the hedge letting the original position run.
I’ve never really been one to get too focused on RR’s because realistically, the market doesn’t give two s**ts about them. You just have to get the direction right and take what you can get from it. And I’m not really looking to sit on a position for too long.
I will sometimes drop down to H1 to see if I can get a better entry to tighten my SL. But overall I have not had much success with TF’s under 4H.
If price turns back down, I’ll let it hit my SL and take the loss, otherwise I’m risking too much for my comfort. But at least it had a second chance, and sometimes it works out well.
USDJPY 1D - I’m liking the look of this one. Price is at the top of that channel and getting ready to test resistance. Could be a good short but I’ll wait to see how the retest plays out:
As explained above, the hedge was closed at BE, protecting the trade and leaving the original position to run its course. I’m happy to say this one is now in profit:
That strong down channel the SPX is in would be my pick long-term, but I am going to hold off to see what the DOW does today. If it drops back below that SR level then I’ll probably short SPX.
***I have changed the title of this thread because I am dropping the 8H TF. I am finding it redundant. I mainly focus on Daily, but am also looking at 4H, with weekly for overall direction.
