My current strategy - request for your thoughts

This is a discussion on My current strategy - request for your thoughts within the Trading Systems forums, part of the Methods category; Originally Posted by inzimam I'd like some thoughts on my system please if you can humour a noobie Using the ...

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Old Jul 16, 2017, 11:58am   #33
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Originally Posted by inzimam View Post
I'd like some thoughts on my system please if you can humour a noobie

Using the 10 min and 5 min charts on the FTSE/DOW (DOW needs more testing and control over leverage)

Look out for a combination of:

Engulfing candle of min 5 points on FTSE and 10 points on DOW
MACD about to cross over
RSI around 60 or 20 region and turning in direction of trade
Stochastic around 70 or 30 and turning in direction of trade

Enter on break of engulfing candle (within 2 candles)
Stop 3 points above engulfing candle (5 on DOW)
Target - length of engulfing candle or if in direction of overall hourly trend or bouncing off a resistance/ support area let it run and move stop to b/e after bar length
are you making money ?
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Old Jul 16, 2017, 10:55pm   #34
 
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Originally Posted by foroom lluzers View Post
Do you know what is going to happen next ?I don't .I just buy at my my supports system without calling the market.
while S&R can be very important when trading..you just don't buy at support..or just sell at resistance..as you can get caught out many times

grant different markets behave differently..but they all have the same type of people trading them..those who know a good bit about what they are doing..and those who know very little
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Old Jul 17, 2017, 12:41pm   #35
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Originally Posted by Lúidín View Post
while S&R can be very important when trading..you just don't buy at support..or just sell at resistance..as you can get caught out many times

grant different markets behave differently..but they all have the same type of people trading them..those who know a good bit about what they are doing..and those who know very little
This depends on how you trade them , I got caught 5 times today , but still came out with a profit.
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