hi dude, i see ur still kinda struggling. payed or otherwise material, strategy etc. i d like to point out a simple and yet very powerful aproach, that uses volume, and a macd for divergence with these settings 8.13, 5. trade simply double bottoms or double tops (or upthrusts!!! springs in ranges) cos that s ussually sign the range is over and we re ready to mark down or up.
4 simple rules
a) the double top or double bottom must show clear divergence
b) u have 2 have a fake brreak of the low or high and the very next candle must close back inside the range.
c)u need a bear or bull pin or an engulfment.(2 bar reversal and 3 bar reversals can also be used).
d) if ur planing to short, u have to have weakness confirmed on the first top (and preferably some vol increase on the second).same for buys(u need the strenght on the down bars with the result).
pls backtest this market aproach on any currency, index, stock, whatever u like to trade.
check out how much u could ve made just trading this simple setup only this past week.
i trade gold, oil, pound pairs, few euro majors, AJ, AU and NJ NU.
risk only 1% per trade or whatever risk in % ur comfortable with, SL goes just above the fake break(which should also be the high or low and ofc add the spread to that). targets are ussually next support or resist, swings low or high etc.
pls don t misunderstand my post as i m not selling anything. nor i ve wasted my time to write this just to look more smart then i acctually am…i m simply trying to share(for free) a market aproach that yelds consistency, great risk to reward and high probability (win ratio). again, pls do me this favor and backtest this atleast for the week that passed, and let me know what are ur results. i for example lost 1 trade only this week on EU
the 1 thing that wasn t perfect was the divergence as it was extended ussually u want to conect the closest peaks or troughs. as u can see in the pic, the div wasn t on the closest swings of macd but on the furthest.tha s good to avoid. it still came back after kicking me out and played out to a certain point but losing trades do exist. also the fact that we re in the election period. my advoce would be to let the major news pass for 15 or 20m, and then trade, or if u are already in a trade and u was able to set BE, the let it be, as the background ussually plays out no matter the news.(that s why vol is important).
if u have question, just tag and i ll try my best to answer them. just give this a shot, 1or 2 hours to look thro the charts and backtest it, and see if it s something that may suit you. btw, every timeframe is game with this aproach, but i use the 1hr cos it s just easier for me. i ll post also an example of a winning trade just to see the setup.
i took also the first trade,(even though the div was a bit extended) simply because we have strenght in the background, up trend without much weakness, we made the lows, those were taken out with more strenght, div, bull engulfment fake break.
second setup is more textbook(in my book lol) diverg, fake break and closing back inside the range, pinbar and weakness on high vol confirmed the previous day…
a bunch of setups this past week alone, and risking only 1% per trade, u can do the math
hope this helps and feel free to tag me if u have any questions.
cheers
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