Minor change...added LITS (line in the sand lines) to mark up key levels on the regression indicator...manually. I do that on M5 and then fine tune entries on M1 leaving those M5 LITS in place.
M5 = decide overall daily trend direction
M1 - fine tune entries
(TV won't let me post M5 charts.)
Slight modification for intraday scalps taken on 1min charts.
Without going into details:
Blue = long
Orange = short
Tradingview won't let me post 1min chart...but yeah...mostly using this on 1min charts not M15.
Day : still down trend
4H: Double Top and HH - i think it is the C-W1
1H : LONG signal
Yesterday i trade with the system with EMA-14 cross over and Buy.
around 100 pips (161.8 fibo retracement) but i tested to run trend in 4H but got stop for long shadow. : (
Even i have my long position setup on the Dayli, i would like to show you this setup.
Price price produces a slanted coil (small one), washes out the stops above and below and finally resumes the main trend. Here we even have a nice support zone (green), where it is super nice to enter.
I allways put my stop below the stop running spike, or on bigger scales even...
The price of the shares of Mercury Systems (MRCY), has been an interesting up trend, the price now is out of a consolidation zone, seems like a good opportunity to make a trade.
Entry point: 18.89
Stop loss: 15.35
Profit target: 23.00
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Script clean up and organisation is now complete. I think...
Now the business of working out the strategy calls properly. :)
If any strategy coders have any input on the topic, I will gladly hear you out!
Had a few requests to share my chart setup, so feel free to make this chart yours and save the template.
1) Ichimoku to get an idea of general trend direction and key support/resistance levels.
2) Directional Movement Index to get an idea about trend strength.
3) Candlestick pattern indicator (hammers, etc.) for confirmation. Tbh, you don't...
Through out my time swing trading i have found that there are some desecrate tools and information i must look at in each equity before i make my final decision, certain criteria like Short interest , days to short , SQZMOM indicator along with a sweet chart that channels up.
1. it all starts at finviz where i search up stocks that fall under the lower priced...
I was thinking about this concept while I was driving after dinner.
You do not need a fancy $500 Monthly subscription for an edge.
Here is the Concept, You can build on this.
Notice how the Murrey Math Oscillator works in finding the pullbacks with a trend. Experiment & create your edge .
NOTE : EVERY PULLBACK TRADING SYSTEM WILL FACE TRANSITION ZONE, ITS...