Curious

Bolimomo et al don't get me wrong, I'm not slagging off your system. If it works for you that's great. I might work for some other people too. To me your chart looks a bit of a mess, but maybe I'm just a bit thick and can't see wood for the trees! :cheesy: I'm not gonna get into a silly debate about my system being better than yours or vice versa. I'll just say that my profits speak for themselves. :p

OK, so here's my system (it's no secret, but I don't know if I can explain it properly without hundreds of illustrations).

I use an hourly and a 5min chart for each instrument I trade, SMAs 12, 24, 36 and Support Resistance lines.... that's all. I wait for well known TA patterns to develop in the hourly chart and use the SMAs/SR lines for confirmation and check that I've got enough room to make my target price. I have fixed stop losses and limits for each trade (25/50 points) so instrument selection is very important. I just make my trade forget about it and look for more TA patterns elsewhere. According to my records 65% of the time I make wins. Oh, I almost forgot about the 5min chart which I use just to time my entry points more accurately.

So that's about it in a nutshell.

Like I said before it works for me, but probably won't work for everyone.
 
Just been over my records for the past few months and my win rate has improved to 69% :cheesy::cheesy::cheesy:

Good night all.
 
One more vote for price action vs. TA for day trading - just that i use price action in conjunction with Level 2. Also i trade three phases in a day - I use price action+ Level2 predominantly for phase 1(first 20-30 mins) - for the rest of the day (except the last hour) i use basic TA - RSI,MACD and PF charts (i dont use time charts but tick charts) - works wonders for me !
 
OK, so here's my system (it's no secret, but I don't know if I can explain it properly without hundreds of illustrations).

I use an hourly and a 5min chart for each instrument I trade, SMAs 12, 24, 36 and Support Resistance lines.... that's all. I wait for well known TA patterns to develop in the hourly chart and use the SMAs/SR lines for confirmation and check that I've got enough room to make my target price. I have fixed stop losses and limits for each trade (25/50 points) so instrument selection is very important. I just make my trade forget about it and look for more TA patterns elsewhere. According to my records 65% of the time I make wins. Oh, I almost forgot about the 5min chart which I use just to time my entry points more accurately.

So that's about it in a nutshell.

Like I said before it works for me, but probably won't work for everyone.

@grimesd

Sounds like simple and logic at the same time. Hence the profitablity percentage. Might try this myself, as I am still in experimenting phase (y)
 
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