Hi Welcome To My First Time Ever Trading View analysis I did.
Note that I learn these through internet, research, and e-book(mostly content are same need high observation and understanding) for these past few days still on new and on learning.
This is my personal plan I put on Trading View for my Monday-Me (22-02-2021). Still I wanna to publish this on public to see what I lack of and what I need to research.
This analysis was based on simple 3 types of Moving Average (Exponential) and Support-Resistance by moving average and past recent top-low. because "Too much indicator, may confusing and lead to what they say 'paralysis analysis'". but I consider too much scenario happens even with these less indicator.
Here we go about the analysis I did it on first time.
20 Ema - 50 Ema -200 Ema still fanning out means The Overall Trend is still "Bullish".
20 EMA serve as Support line. Purple box serve as Resistance Line.
Condition to Entry Bullish : (Need to close in a half day) 1- Any candle body didn't "breakdown" or "over below" 20 EMA line (sky blue). 2- no "Red" candle body cross over 20 EMA line or the "light blue box" drawn on chart. 3- EMA of 3 type still fanning out. 4- Candle pulling away from 20 EME light blue line 5.a- "OPTIONAL" for "Safe late entry" when a "Green" candle body appears &cross over purple box. (Ratio 1:1). this for safe resistance breakout 5.b- "OPTIONAL" for "Early entry" when a "Green" candle body appears & cross over light blue box. (Ratio 1:2). this invalidate the double top pattern 6- no big impact of any news at London Session (Except New York Session at 00:30 (GMT+8)).
Ratio 1:1 should be happy enough. If want more pips , options are : a- Put a Stop Loss at Break Even. b- maybe put a Trailing Stop of 28 pips (Max TP 60pips). (Recommended) c- take profit of this on ratio 1:1 find other currency pairs
Note For "Bullish Bias Me": - Condition Above need to fulfil on Sydney, Tokyo & at almost London Session. - Best close entry before New York Session at 00:30 (GMT+8). - Or Challenge the news go "Long Long term" to 16-April-2018 High at 1.42355 (not a good idea).
Maybe this will happens on Monday till Tuesday to fulfill these condition. Condition to Entry Bearish : (TP longer than 1 or 2 depend by economic news) 1- Any candle body do "breakdown" or "over below" 20 EMA line (sky blue). 2- "Red" candle body cross over 20 EMA line or the "light blue box" drawn on chart and another Red Candle appear. 3- EMA of 3 type cross over. this one Important! & Conditional 4.a- "OPTIONAL" for late safe entry when a "Red" candle body cross over purple box and Head & Shoulders pattern formed. (Ratio 1:2). try take 20pip risk with minimal 40pip win 4.b- "OPTIONAL" for late safe entry when a "Red" candle body pullback red box A.K.A 'Termination Zone'. (kind of betting Head & Shoulders pattern to be formed). (Ratio 1:1) 4.d- "OPTIONAL" for more early entry when a "Red" candle body cross over light blue box. (pro scalper maybe anticipate Head & Shoulder doing both long & short) (High Risk to fail but it is with High Reward) (Ratio 1:3) 4.c- "OPTIONAL" for early entry when a "Red" candle body cross over purple box. 5- Candles are pulling down away below 3 type of EMA line.
Note for "Bearish Bias Me": - May seems a momentary "Bullish" if there are a pull back at 200 EMA. consider TP - Need to observe EMA line to meet "Bullish" condition. - "Bullish" May lead to Sideway chart.
At Last Take this note and see what happens 1.5 hours before London Session Begins. "but I prefer Bullish" for trade entry to close trade within 4 hour
Let Me Repeat again. This is my personal note for my-Monday-self, Still I wanna to publish this on public to see what I lack of and what I need to research.
If U happens to cross this idea.
Maybe U like it, give it a like. OR Maybe Maybe if I lack of anything or this idea not working. Comment BELOW, let me learn what I lack of in this idea and what I need to research.
problem is coz R:R coz you want to enter maybe badly, I think you should wait even if your scenarios playout coz they are trully 1:1 try to wait for 1:3