FREE Trading Channel: https://t.me/clivityfx/
I really enjoy looking for trading setups. I stick to higher time periods starting with the daily, 4H and more precise positions on the hourly. I try my best not to watch the trade too closely throughout the day, just on each 4H closing of a candle.
My strategy is currently really simple. Support and resistance, Fib levels, Pitchfork and channels, trend lines, price action. My knowledge increases day by day and I have to say I've gone back through pretty much all of the trades you've posted to analyse your theory behind each one.
I'm thirsty to become far more accomplished with my existing strategies and am currently looking for bullish and bearish flags in trades to add to profitable trades.
My next step is to learn harmonic patterns. I shall take your advice and do one pattern at a time in this order:
- ABCD? or is that all part of the above?
I may then move on to wave patterns. I don't know why but I find myself quite sceptical of these patterns. I find that there's a lot of "wishy washy" analysis surrounding this. Eg - the trade is going in this direction and it may go up for a bit before going down for a bit, or it might just go straight up and not come back.....basically predicting all eventualities just so you can come back and say - see I told you. It went up for a bit but was always coming down. Sure you're right - it did go up for a bit before coming down - but that's true of markets. The fact it went up 150 pips before coming down means your prediction / analysis is not tradeable. ANYWAY - I digress in my rant.
Thank you for your ideas and comments. Love to know your thoughts on wave patterns and how much, if any, it comes in to your analysis.
As for your last question wave patterns and harmonics are what i watch for to enter the markets when price is in a high probability reversal zone. The patterns i use have specific rules, so there is no guesswork as you said wishy washy :) Everything should be crystal clear when the time to risk your money has come.. Talk to you soon..! Keep studying, you will only get better..!!