Welcome to my diary
that I will attempt to post here my daily eur/usd transactions and predictions.
Simple price action (chart and candlestick patterns) is something that inspires me largely. Price action itself is the method for me.
I'm daytrader searching for the main movement of the afternoon. Of time frames daily, 4h and 1h are important for me personally, as they're quite often telling me what to expect next. While I know what to expect I'm shing to reduce time frames 30min, 15 min (my favourite) and 5min looking for opportunity to enter.
My basic trading formulation is as fallows:
Lengthy signals:
1) following the sight of bullish candlestick like: morning star, hammer, bullish piercing or bullish engulfing rejecting at least for another time s/r level
two) following the initial light candlestick finish (engulfing) a bullish flag consolidation or symmetrical triangle consolidation or rectangle consolidation, or bullish wedge.
Short signals
1) following the sight of a bearish candlestick pattern like: day star, shooting star, hanging man, bearish engulfing or dim blur rejecting at least for another time s/r level
two) following the initial dark candlestick finish (engulfing) a bearish flag consolidation or symmetrical triangle consolidation or rectangle consolidation or bearish wedge.
Exit egy:
Initial S/L is depending on the time frame, but I don't feel comfortable to place larger stops than 30 pips that is why I'm finding entry point with 15 min charts (or 5 min sometimes). Most of the time that my SL is 20 or even 25pips.
- When I'm scalping then my minute. SL is -10pips and minute TP 10 pips
- If I see possibility of bigger movement then my SL is greatest 30 pips.
- When price goes minimum 10 pips in my direction I'm tightening my SL and seriously contemplating placing it in B/E point.
- When Price goes 20 pips in my direction I definitely place SL in B/E point.
- when price reaches closest S/R level I shield 1/4 of my profits by shing SL
- If I open few places simultaneously I shut a number of them at different S/R levels.
- If I open one place only I'm trailing it using kijun-sen (3-5 pips under it if going long). When price is going quickly I utilize kijun-sen from 5 minute chart and when price is going lazily I utilize kijun-sen out of 15 minute char.
- In the event I open only one position usually my transactions are shut by SL but sometimes I'm shutting them when I have no beliefs that price will go more in my favor or they're closed by predefined target level (TP order) when it is achieved first.
- I always attempt to calculate goals using price action and fibo but I don't always place TP order.