If anyone would like assistance with multi-chart layouts, indicator templates, or general TradingView use, let me know. By answering your specific questions through screen shares, I may be able to save you days of research, trial-and-error and frustration.
Consider using different styles of charts simultaneously for a clearer view of what the market is presenting.
Top: Traditional candles with fractal breakout levels.
Middle: Point and Figure candles for cleaner price action.
Bottom: Renko candles with a simple reversal strategy.
Consider trading the breakouts/breakdowns of the Pre-Market and Opening Range levels in the USA Futures Session. In this example, Pre-Market time is 4:00AM-9:30AM Eastern time and Market Session time is 9:30AM-5:00PM Eastern time. The Opening Range is defined as the range between the high and low of the first 5 Min candle.
In my opinion, there is no need to hold through a draw down. Exit the trade that goes against you, and place an order at your original entry in case price comes back up to that level. Why sit there at look at a negative PnL HOPING the trade will turn around? Check out the video example.
This is a modified version of Fractals that I made and how to use it. It's pretty straight-forward. Go long over the green levels and short under the red levels. An option that I didn't discuss in the video is the potential of a wider trailing stop for longer runs. I like to focus on the breakouts of just a few points as they happen very, very often.
This seems like a decent strategy that may give you a quick/small stop out, or a long ride. Potential to add to trades as each level is breached. Indicators used are: new intraday high/low (green and red dotted lines) and midpoint (white solid line). The idea is to place an order in the same direction as the breakout (high or low), with a few points as a target,...