Hey there,
After a few requests I have decided to post a tutorial to my strategy and how I trade - along with some mistakes you can try and avoid!
Q: What Indicators do you use to Trade?
I use RSI (not for oversold and overbought conditions) - Instead I look at the divergence or convergence of the signal. This can be performed by drawing a trendline from the highs and then from the lows. Divergence generally means short entries and convergence the opposite. However this is not a signal - but instead a confirmation - This is what all Indicators should be used for, Confirmation ONLY!
I also use the MARSI - this is another great confirmation indicator and helps a lot with making the perfect entries.
Finally using the Visible Range Volume Profile is a really handy tool to figure out the point of control, this is generally considered the pivot point of a trend or trend change.
Q: So how do you make your entries?
First of all, scrap the 1 Minute, 5 Minute, and even 15 minute. 30 Minute is the absolute minimum timeframe to reduce signal noise - I personally love the 4hrly with the 1hrly for my entries.
I also only enter trades when a 4hrly trendline is being touched. If using a xxxUSD pair - I consult DXY to find the general direction, and consider a bounce. If a bounce does not look viable and my MARSI gives me a sell, as soon as the trendline is broken and CLOSED (this is important to minimise fakeouts) - I will take my entry.
Q: How do you manage your risk?
By trading at trendlines, it allows for stops to be tighter minimising the risk of each trade. I only trade a single Major pair at a given time also incase a freak event happens. Only trade pairs at a 4hr trendline, even if you believe confluence will pull the pair of choice in the chosen direction.
Q: Any Other Tips?
Take a look at EXY, AXY, ZXY ect if entering a pair of that type - its so useful! Also, if you miss an opportunity - theres normally always a retest, just be patient
I hope you find this strategy useful!
Elon <3
After a few requests I have decided to post a tutorial to my strategy and how I trade - along with some mistakes you can try and avoid!
Q: What Indicators do you use to Trade?
I use RSI (not for oversold and overbought conditions) - Instead I look at the divergence or convergence of the signal. This can be performed by drawing a trendline from the highs and then from the lows. Divergence generally means short entries and convergence the opposite. However this is not a signal - but instead a confirmation - This is what all Indicators should be used for, Confirmation ONLY!
I also use the MARSI - this is another great confirmation indicator and helps a lot with making the perfect entries.
Finally using the Visible Range Volume Profile is a really handy tool to figure out the point of control, this is generally considered the pivot point of a trend or trend change.
Q: So how do you make your entries?
First of all, scrap the 1 Minute, 5 Minute, and even 15 minute. 30 Minute is the absolute minimum timeframe to reduce signal noise - I personally love the 4hrly with the 1hrly for my entries.
I also only enter trades when a 4hrly trendline is being touched. If using a xxxUSD pair - I consult DXY to find the general direction, and consider a bounce. If a bounce does not look viable and my MARSI gives me a sell, as soon as the trendline is broken and CLOSED (this is important to minimise fakeouts) - I will take my entry.
Q: How do you manage your risk?
By trading at trendlines, it allows for stops to be tighter minimising the risk of each trade. I only trade a single Major pair at a given time also incase a freak event happens. Only trade pairs at a 4hr trendline, even if you believe confluence will pull the pair of choice in the chosen direction.
Q: Any Other Tips?
Take a look at EXY, AXY, ZXY ect if entering a pair of that type - its so useful! Also, if you miss an opportunity - theres normally always a retest, just be patient
I hope you find this strategy useful!
Elon <3