How I Use Multi Timeframe Analysis to Capture LARGE Price SwingsDISCLAIMER: This is not trade advice. Trading involves real risk. Do your own due diligence.
TUTORIAL:
Today, I demonstrate the thought process and mechanical steps I take when trading my Multi-Timeframe strategy. We take a look at US Treasuries, which have offers a classic lesson in how to apply this approach.
As you will see, throughout the year, this approach took some losses prior to getting involved in the "real" move which we anticipated. No strategy is perfect, and I do not purport this to be perfect. It is a rules based and effective way to read price. This strategy is great for people who don't have a lot of time to spend at the charts. I would classify this more as an "investing" strategy when utilizing the 12M-2W-12H timeframe.
If you have questions about anything in this video, feel free to shoot me a message.
I hope you have all had a great week so far.
Good Luck & Good Trading.
Multi-timeframe
Revealing My Top Gold Trading Secrets for Huge Profits!In this video, I reveal my top trading secrets for making huge profits in gold trading (XAU/USD). This educational content will cover key technical analysis techniques and strategies that I frequently use in my charts, as well as valuable insights into trading mindset and proper risk management. Let's unlock the potential of your trading skills together!
Technical Approach:
In this educational segment, we'll focus on the core technical analysis principles that I use to make informed trading decisions. Here's a detailed breakdown of my approach:
Identifying the Trend:
Uptrends and Downtrends: Learn how to recognize market trends using higher highs and higher lows for uptrends, and lower highs and lower lows for downtrends.
Trendlines: Use trendlines to connect the highs and lows of price movements, helping to identify the direction of the trend and potential reversal points.
Support and Resistance Levels:
Support Levels: Identify areas where the price tends to find support as it falls, acting as a floor preventing further decline.
Resistance Levels: Identify areas where the price tends to find resistance as it rises, acting as a ceiling preventing further ascent.
Historical Price Action: Use past price movements to pinpoint key support and resistance levels that the market respects.
Liquidity Zones (LQZ):
Definition: Liquidity zones are areas on the chart where there is a high concentration of trading activity, often leading to significant price movements.
Identification: Learn how to spot these zones using volume profiles, order flow analysis, and historical price action.
Trading Strategy: Use liquidity zones to identify potential entry and exit points, as they often precede major price moves.
Volume Analysis:
Volume Spikes: Understand how volume spikes can indicate strong buying or selling interest, confirming the validity of price movements.
Volume Trends: Analyze volume trends to gauge the strength of a price trend and anticipate potential reversals.
Entry and Stop Loss Strategies:
Breakouts and Pullbacks: Enter trades on confirmed breakouts above resistance or below support, or on pullbacks to key levels within a trend.
Trailing Stop Loss: Implement a trailing stop loss to lock in profits as the trade moves in your favor, adjusting the stop loss level as the price progresses.
Mini Lessons: Mindset:
Patience and Discipline:
Patience: Wait for the right trading setups that meet your criteria, avoiding impulsive decisions.
Discipline: Stick to your trading plan and rules, even when the market becomes volatile or unpredictable.
Emotional Control:
Stay Calm: Keep your emotions in check to avoid making irrational decisions based on fear or greed.
Mindfulness: Practice mindfulness techniques to remain focused and calm, especially during stressful trading situations.
Proper Risk Management:
Position Sizing:
Risk Per Trade: Limit the amount of capital you risk on any single trade, typically 1-2% of your trading account.
Position Size Calculation: Calculate your position size based on the distance to your stop loss and your risk tolerance.
Risk-Reward Ratio:
Target Ratio: Aim for a risk-reward ratio of at least 2:1, meaning your potential profit should be at least twice your potential loss.
Trade Evaluation: Evaluate each trade based on its risk-reward ratio before entering, ensuring it aligns with your trading strategy.
By incorporating these technical strategies and mindset principles, you can enhance your trading performance and increase your chances of success in the gold market. Stay tuned for more educational content and trading insights!
Market Overview Me Going Over My Full Robin Trap Strategy In Deep Detail. And What Trades I Will Get Into This Week!
Learn Why You Should Study Multiple Time Frame Analysis
In my daily posts, I quite frequently use multiple time frame analysis.
If you want to enhance your predictions and make more accurate decisions, this is the technique you need to master.
In the today's post, we will discuss the crucial importance of multiple time frames analysis in trading the financial markets.
1️⃣ Trading on a single time frame, you may miss the important key levels that can be recognized on other time frames.
Take a look at the chart above. Analyzing a daily time frame, we can spot a confirmed bullish breakout of a key daily resistance.
That looks like a perfect buying opportunity.
However, a weekly time frame analysis changes the entire picture, just a little bit above the daily resistance, there is a solid weekly resistance.
From such a perspective, buying GBPUSD looks very risky.
2️⃣ The market trend on higher and lower time frames can be absolutely different.
In the example above, Gold is trading in a bullish trend on a 4h time frame. It may appear for a newbie trader that buyers are dominating on the market. While a daily time frame analysis shows a completely different picture: the trend on a daily is bearish, and a bullish movement on a 4H is simply a local correctional move.
3️⃣ It may appear that the market has a big growth potential on one time frame while being heavily over-extended on other time frames.
Take a look at GBPJPY: on a weekly time frame, the market is trading in a strong bullish trend.
Checking a daily time frame, however, we can see that the bullish momentum is weakening: the double top pattern is formed and the market is consolidating.
The sentiment is even changing to a bearish once we analyze a 4H time frame. We can spot a rising wedge pattern there and its support breakout - very bearish signal.
4️⃣ Higher time frame analysis may help you to set a safe stop loss.
In the picture above, you can see that stop loss placement above a key daily resistance could help you to avoid stop hunting shorting the Dollar Index.
Analyzing the market solely on 1H time frame, stop loss would have been placed lower and the position would have closed in a loss.
Always check multiple time frame when you analyze the market.
It is highly recommendable to apply the combination of at least 2 time frames to make your trading safer and more accurate.
❤️Please, support my work with like, thank you!❤️
The unknown obvious: resolution vs timeframeChart resolution and chart timeframes are the synonyms, true, but the difference between resolution based mindset and timeframe based mindset is huge.
As it is in reality, pure charts are just tick charts that then get aggregated, mostly by time. So it's all the same data, just different amount in different detail.
If you operate manually you free to scroll through all the resolutions, generally from lower to higher to gain all the information you need in best possible way.
So you mindset is this, "I need more info ima be scrolling through resolutions and be gaining it".
The term "timeframe" is much more applicable for automated trading.
There, it's very complicated to use multiple resolutions at the same time for many reasons, instead it's easier to use multiple data ranges within one resolution.
For example, you run a bot (not robot) on 1 minute chart, this bot executes & fine tunes the signals based on very short window of 4 datapoints, generates the actual signals based on 16 datapoint window, chooses a signal generation method based on 64 last datapoints, and chooses between competing assets based window length 256.
Then you ran an ensemble of these bots on every 'timeframe', this way you can emulate but never achieve a proper manual operation.
And it's good to use common but different methods on each of data windows to reduce correlations inside the ensemble, not like it's shown on my chart (disregard the levels).
Market Structure and Multi-TimeframeThis is how I use Market Structure and Multi-Timeframe Correlation to look for entry areas
Multi-timeframe, multi-momentumKudos to Chris Moody for creating these excellent indicators. The momentum is shown in three timeframes, two by the dual stochastic and another by the macd. Both stochs are set to 838 - I know it says 883 but I cut my teeth on MetaTrader 4 and prefer that labeling scheme - with the fast one tracking 15 minutes and the slower tracking 30 minutes. The macd is set to default except it's tracking 45 minutes.
I could sit here and tell you to do A when condition B is met, then C when D but instead I'd prefer that you make it your own and adapt it to your needs and ways. I love using a setup like this to help visualize the longer trend and as a filter. Will also add that I see a lot of emphasis placed on overbought and oversold (80/20) but the 50% mark as just as if not more important. May your trading be successful!
🌐 How not to be stuck in your position?🌐 How not to be stuck in your position?
SIGNAL + TIMING = SUCCESS
You asked me how not to be stuck in one long-term, seemingly losing position and how not to miss opportunities.
You have to consider at least two dimensions of timing: zone and scale.
What is a zone? - The time-zone of my signals is UTC, and so, you have to translate.
What is the scale? - The scale of my signals varies from 1-minute to 3-month, and thus, you have the following kinds of positions.
Top traders have at least three kinds of positions: base, intra-day, and long-term.
What is your base position? - It is the base currency within which you feel most comfortable holding most of your capital, and it is usually USDT or BTC.
What are the guidelines for intra-day and long-term positions?
- Professionals often put up to 5% of their base per intra-day position, and they rarely use more than 25% overall of their base at one moment.
- When you make a profit on an intra-day position, you put a part of it (for example, 50% of the profit) into your long-term trade, and you return the rest to the base.
- This way, you manage your risks, and both your intra-day positions and long-term position will grow.
+1 So, why can't an automated system simply do it for you?
You have got your accounts, your assets, and your responsibility.
Exchanges do not allow a bot to read how much capital you have in total, nor how your investment breaks down to different assets and accounts.
Only you have got this information, and only you hold the right to manage your account.
A breakdown of my EU entry showcasing how I analyse the market.I've annotated my charts for your convenience. Enjoy!
Backtesting retest Break of Market Structure on Multi TimeframeStrategy
Create a zone from the order block which created break of market structure on 1D timeframe
Wait for it to be tested on 4H timezone => which will create new 4H order block
Trade the retest of that 4H order block
Color coding & icon use
Green boxes : 1D order block zone
Yellow boxes : 4H order block zone
Tick icon : Trade won on 4H
Cross icon : Trade lost on 4H
Circle with cross icon : Trade in breakeven
Win / loss assumptions
Win : 3R movement without breaking -1R
Loss : -1R movement
Breakeven : 1R movement, followed by -1R movement
Risk Management
50% TP @ 1R
25% TP @ 2R
25% TP / Trade closure @ 3R
RR achieved = 3R
Net R achieved = 1.75R
Strategy results
Testing duration : Jan 2020 - Jan 2021
Wins = 16
Loss = 7
Breakeven = 4
Non-losers = 74%
Absolute Winners = 59%
Net RR = 21
Avg R/Win = 1.31R
Avg R/Trade = 0.78R
GJ 120 pips Sells BreakdownPrice broke below the support we highlighted, however as there was no lower wick on the 1h breakout candle, price had no clear range to move down, so instead of moving to the lower timeframes to look for selling confirmations, I stayed on the 1h timeframe and decided to look for a break and retest setup, as it was not on a lower timeframe my confidence for this trade was pretty good.
As soon as we tapped into the broken support zone, I took an entry with half of my usual risk, stops were above the previous candle and my TP was highlighted on the chart.
Profits were taken at each of the support zones as we tapped into them, this lowered our risk and secured profits.
When we hit our final target, we removed our TP and let 10% of the trade run, the target for this was 135.887, as this was a possible rejection zone and also 120 pips profit. This target was also hit before price formed support to continue back up.
How to Use Multi-Timeframe Analysis and What It MeansIn this video tutorial, our team based out of New York City walks you through multi-timeframe analysis including what it means and how it works. Multi-timeframe analysis (MTF) is a process in which traders can view multiple timeframes at once on a single chart. For example, if you're looking at a 30-minute chart you can quickly add a daily Moving Average and weekly Bollinger Bands. Multi-timeframe analysis is the process of looking at multiple timeframes at once and using them to make better decisions when trading or investing.
Getting started with multi-timeframe analysis on TradingView is easy:
Step 1 - Add an indicator to your chart
Step 2 - Open the indicator's settings and find the Resolution parameter in Inputs
Step 3 - Adjust the resolution to the timeframe of your liking
This process works for most of the built-in indicators on TradingView. You can have several timeframes visible at once so you always know the most important price levels. MTF works by the minute, hour, day, week and month.
In addition, Pine coders can use the same `resolution` parameter we use in our built-in indicators in their own scripts. By simply adding it to a script’s `study` declaration statement, coders now have an easy way to add MTF functionality to scripts and let users decide the timeframe they want the indicator to run on.
We hope you enjoy this video tutorial and please press like if you find it helpful. If you're already an expert at multi-timeframe analysis, please leave some tips and educational lessons in the comments so others can learn from you.
Additional reading:
A New ‘Resolution’ Parameter Makes Multi-Timeframe Analysis Easy (TradingView blog)
Learn more about multi-timeframe analysis from other traders
Explore the public library for scripts using multi-timeframe analysis
AUDUSD ALEXANDER ELDER 3 SCREEN TRADING STRATEGY
As the name of the Elder trading system suggests there are three “screens” that we apply to every trade. The three screens used by Alex Elder can be summarized as follows:
First Screen used for establishing a trading bias.
The second Screen applies technical indicators to identify retracements against the trading bias established earlier.
The third Screen is used for timing your entries using short-term breakouts in the direction of your trading bias.
As you can probably tell, the Alex Elder trading rules involve the use of multi-timeframe analysis.
The first screen starts with higher degree time frames and subsequently we downgrade our time frames lower as we progress with the 3 screens.
In total, trading Alexander Elder system involves using three different time frames:
The long-term trend – Alex Elder calls this as being the tide
The medium-term trend – this trend is also known as the wave
The short-term trend – it’s also referred to as the ripple
Elder Trading System – First Screen
According to Dr. Alexander Elder’s rules, the first screen starts with a time frame bigger than the time frame you’re looking to trade.
For example, if your preferred time frame is the daily chart, you first start by looking at higher time frames like the weekly chart. This is the chart where you’re going to apply the trend-following indicators to establish your bias.
If the trend is up, we only look for buy signals. Inversely, if the trend is down, we only look for sell signals. By going through this process, we can filter out trades against the primary trend.
Elder Trading System – Second Screen
Dr. Elder trading rules recommend downgrading our time frame lower. If during the First Screen we used the weekly chart, the next lower time frame we can use is the daily chart. Now, we look for price movements against the tide.
In other words, we’re waiting for pullbacks or what Elder system calls the “wave”.
Learn the most profitable approach to profit from pullbacks HERE.
This in return will help us spot good times to execute your trades. The Elder trading system uses oscillators to identify these price movements against the tide.
For example, if the weekly tide is up, then we’re looking for the oscillator to identify when the wave is down and that’s when we buy. On the other hand, if the weekly tide is down, then we’re looking for the oscillator to identify when the wave is up and that’s when we sell.
Elder Trading System – Third Screen
The Elder trading system refers to the third screen as the execution screen. Or, in other words, this time frame is used for better timing our entries.
We have to downgrade our time frame lower.
The next in order time frame is the 4h chart.
When the trend on the third screen aligns with the trend of the first screen that’s the optimal trade entry. To time your trades, Alexander Elder uses a trailing stop in order to seize small breakout in the direction of the main trend.
Basically, that’s what the Elder system is all about.
Dr. Alexander Elder Rules on how to Use Multiple Time Frame Analysis
The Alexander Elder trading strategy uses a technique to balance out the different information that comes from looking at different time frames.
The Elder’s technique involves using a factor of four to six to classify his time frames.
Let me explain…
Alexander Elder factor of 4 to 6 can help us divide our charts into smaller units of 4, 5, or 6.
The way to go about it is to first select your larger time frame (first screen) and then downgrade the charts lower by a factor of 4, 5, or 6.
For example, if your first screen is the daily chart and we downgrade our time frame by a factor of 6, the next time frame would be the 4-hour chart.
Four multiplied by 6, it gives us 24-hours, which is a day.
Using a factor of 4 will require us to downgrade our charts to the 8-hours time frame.
Now, to find your execution screen aka the third screen, we have to downgrade our time frames lower one more time. If we used a factor of 4, the next down in line time frame is the 1-hour chart.
So, the 1-hour time frame is our third screen.
Note* if after downgrading the charts, the exact time frame doesn’t exist, then as a general rule the closest one is used.
This is the method used by Dr. Alexander Elder to select his time frames.
Long Range - 1st screen Weekly - 2nd screen Daily - 3rd screen 4H
Mid Range - 1st screen Daily - 2nd screen 4H - 3rd screen 1H
Short Range - 1st screen 4H - 2nd screen 1H - 3rd screen 15m
When to buy using the Alexander Elder Trading Strategy
According to Alex Elder trading rules, the best moment to buy is when an uptrend has undergone a pullback and has started to resume the bullish trend.
For this example, we’re going to use as the first screen the 4H chart.
So, the 4H chart is used to determine the long-term trend. And, for this purpose, the 200-day moving average, which is the standard measurement of bullish and bearish trends, will be our trend filter.
Check if the price is trading above the 200-day moving average to confirm the uptrend.
The next step is to downgrade our time frame to the second screen.
If the first screen used the daily chart, the next in line time frame is the 4-hour chart.
The middle time frame is going to be used to spot corrections against the bullish trend.
For this purpose, we’re going to use the MACD indicator applied to the 4-hour time frame.
We wait for the MACD lines to rise from the oversold condition and the moving average slops have turned upwards again.
Note* Dr. Alexander Elder recommends to use the Force index or another momentum oscillator to add more confluence.
The next step is to downgrade our time frame to the third screen.
If on the second screen we used the 4-hour time frame, the next in line time frame is the 1-hour chart.
The short-term time frame is going to be used to time the market.
However, since Alexander Elder doesn’t provide rigid rules for entry and exit, it’s time to reveal the Ace from our sleeve. For timing the market with great result, we’re going to use the Know Sure Thing indicator.
On the 15m time frame, we wait for the Know Sure Thing oscillator to cross above the zero lines to trigger a buy signal. The KST indicator is great because it also signals burst in momentum.
What does it mean for your trade?
Simply, you get the chance for your trade to show a profit right from the start.
Note* for sell signals the same trading rules can be applied but in reverse.
Final words – Alexander Elder Trading System
The Alexander Elder trading strategy can be used as a building block for your own trading strategy. The Elder trading system has the advantage of using multi time frame analysis to verify the market trend in several degrees.
According to Dr. Alexander Elder, the single most important factor that will dictate your profitability is the quality of the records that you keep. We succeed in some trades and make mistakes in others. However, we can only improve our trading strategy only if we learn from both winning and losing trades.
And, that’s why Dr. Elder believes that journaling is an absolute must as it makes you into your own teacher.
How to Do A Multi Time Frame Analysis in a reactive way!Hi Traders, here is the full Educational Video - How to do a Multi Time Frame Analysis in a Reactive way! .
Conditions -
1.Make Sure Structure Broken and closed below.
2.Wait For Confirmation (Price Action)
3.Use Risk Management + Follow A Trading Plan!
4.Always Be reactive & Not Predictive !
A like and a comment will create more Free Analysis & Forex Education.
Your Support is Appreciated!
See You in the next Educational Video / Analysis
Global Fx Education
Pattern Analysis; incorporating timeframes (USOIL)Understanding trends within a pattern gives analysts the ability to better understand sentiment and directional pressure.
In this example, pattern extremities were highlighted. Then, on a lower timeframe, trends within said pattern drawn.
Overlaying timeframes is a necessary part of a complete analysis, and a complete commodity analysis can help piece together economic factors affecting commodity-sensitive currencies such as CAD and AUD.
Channel Analysis (USDCAD)Using proximal and distal lines to mark channel extremities takes emotion and guess-work out of swing trading! Furthermore, using multiple timeframes allows for more accurate timing and thus more control over risk/reward.
As can be seen here, proximal and distal lines were used to highlight reversal areas on both the top and bottom of the channel. Then, using a smaller timeframe, an area of price-interest was highlighted to get a better understanding of direction.
Outlook: Bullish to 1.37~
Void if price <1.31~
Comprehensive Trading ProcessDisclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
Consensio: (King) 5% when Price crosses Short Term MA | 10% when Price crosses Medum Term MA | 15% when Short Term MA crosses Medium Term MA | 20% when Medium MA turns over | 25% Price cross Long Term MA & Long MA flattens / turns over| 25% Golden Cross
Patterns (Queen): Favorites: hyperwaves, parallel channels, descending triangle, head & shoulders, Wyckoff’s, double bottoms & tops, flags | Least favorite: symmetrical triangle
Horizontals (Rook): Horizontals > trend lines
Trendline (Bishop): Very powerful when used in combination with Consensio. One of my favorite setups is a trendline break alongside a reversal in Consensio.
Parabolic SAR (knight): Best tool I have found for setting / adjusting stop losses. Can also be used as no trade zone. For ex: if wanting to go long and SAR is bearish (above price) then could / should wait for SAR to break before entering.
BTCUSDSHORTS (pawn) : If shorts are at / near ATH’ levels then I do not want to be short and will actually have a bias for going long.
Funding Rates (pawn): Helps me to understand supply / demand. When shorts are getting expensive then I expect a short squeeze to be around the corner.
Contango / Backwardation (pawn): Not a timing indicator. Is used to determine bullish / bearish bias and can help to identify tops / bottoms / support and resistance. Watch the video series and Google “Ugly Old Goat Backwardation” to learn more.
TD’ Sequential (pawn): “The trend is your friend until it’s about to end” -Tom Demark | Used to identify when a trend is becoming exhausted which can be very helpful to confirm or deny an entry. Ex: if wanting to go long on a green 7/8/9 then would strongly prefer to enter on correction that is expected to follow.
Average Directional Index (pawn): Used to identify when trends are becoming exhausted. When ADX’ reaches resistance / ATH levels then it is likely that the trend is reaching a point of exhaustion
Ichimoku Cloud (pawn): Starting to use traditional settings across the board. Crypto settings seem to make the cloud useless when markets are volatile, whereas the traditional settings seem to line up nicely with the MA’s I use for Consensio.
Price Action (pawn): Helps me understand when markets are overbought / oversold in the short term. In my experience it is very rare for Bitcoin or Ethereum to move more than 10% in 24 hours. Therefore if I am wanting to enter long and the price is + > / = 7% in the past 24 hours then I will be very cautious and usually wait for a pullback / consolidation.
Bollinger Bands (pawn): Very helpful for recognizing when a trading range is coming to an end, which can be very useful for spotting trends that are just starting / about to start. Also like the Bollinger Band % to help illustrate extremes.
Relative Strength Index: Divergences can be very useful for understanding short term price movements and potentially full on reversals. When markets are moving I like to check the RSI on the 1h and 4h charts and pay close attention to divergences as indication that a trend could be exhausting.
Stochastic Oscillator: Very useful in trending markets that have not gone parabolic. Can be helpful in ranging markets as well, but not nearly as much. Can get some very good signals on the 3d chart. If there is a buy / sell signal then I think it is best to wait for %K and %D to cross the boundary lines before considering it significant.
Hierarchy of Indicators
The best traders know which indicators are most important at which times. A trader is like a carpenter and the indicators are akin to his toolbelt. Through experience he or she knows which ones to reach for, exactly how they are used and what adjustments could be required for a specific circumstance.
It is one thing to understand that an MA rolling over is an indication of a trend reversal. It is entirely another to fully believe it and be able to act on it. Next is understanding which indicators can be disregarded at which times and which should always be taken into account.
Above lists my indicators by order of importance. However that is only a default and it will change based on market conditions.
For example: if a hyperwave is present then patterns become more important than Consensio and trendlines become more important than horizontals. If market is parabolic then I find the Stochastic useless and will adjust the settings on the RSI to 30. If no trend is present then the Bollinger Band can go from a pawn to the King.
It would take much too long to go into all of the different variables I can think of and how it can change the hierarchy of indicators. What is important is that you start to develop the feel for it yourself. The only way I know how to do that is through checking all of them on a regular basis, in all different types of markets (bull, bear, flat, parabolic).
Learn -> Practice -> Fail -> Learn -> Practice -> Understand -> Apply -> Internalize -> Believe -> Achieve -> Fail -> Learn
Monthly, Weekly & Daily Processes
Daily
Check daily close every day. If entry or exit was signaled then make sure to get filled within 30 minutes of close. If passing on an entry signal then notate why. Never pass on exit signal.
Update trading ledger to reflect any changes (I will be posting my results in the 2 > 20 Bitcoin Trading Challenge).
Go through the TA Process listed above on a daily basis (I post my analysis in the Bitcoin' Daily Update).
Make sure that you are highly focused during the candle close otherwise the mistakes will compound. I prefer to go to the gym on a daily basis and be disciplined about my diet in order to maintain a high level of focus. I have also committed to a daily hot springs meditation session that has proven extremely valuable over the past year. For anyone that watches Mr. Robot think of Tyrell Wellick chopping wood while confined by himself in the forest. Having a task that is repeatable on a daily basis provides balance, perspective and focus.
I find a consistent sleep schedule to be vital in my performance as a trader. I make sure that I am in bed by a certain time so that I wake up feeling refreshed / energized and ready to trade.
Weekly
On Sunday I will analyze the weekly chart instead of the daily chart.
Trading ledger that gets updated daily is used for weekly PnL statements which get done on Saturday morning instead of preparing for traditional markets to close. I keep an excel spreadsheet for each exchange I trade on and include sections for Date, Entry, USD Inventory, BTC Inventory, Withdrawals, Delta, PnL, Unrealized PnL, In position.
When I first got into crypto I completely disconnected from my friends and family. To ensure the first doesn't happen again I commit to two social activities per week and for the latter I commit to calling my mother every Sunday.
Monthly
Review biggest trades from prior month. Dissect entries, exits and position sizes. Everything should be repeatable / explainable in hindsight. If it isn't that means I didn't stick to the guidelines and that is mistake. I cannot expect to be a perfect trader, however I can expect to learn from my mistakes.
Monthly Best & Worst Dressed List. After reviewing the trades find the best and worst examples. Print out the charts, notate why they made the list and put them in a binder. In the short term, how I trade is exponentially more important than how much money I make or lose. Therefore if the monthly PnL was subpar but very few mistakes were made on the worst dressed trades then I consider that a huge success and will expect the variance to even out in the medium - long run.
Weekly PnL statements is used for monthly PnL statements
-It feels really good to make a lot of money and it can feel very frustrating when results do not meet expectations. This is why I believe that is it vital to focus on the process and improving instead of the results. A few good results could be the byproduct of luck. One good / great process will lead to sustainable results as long as you can remain disciplined / diligent. While some may prefer to be lucky rather than good I strongly prefer to put in the effort that it takes to be good. Furthermore luck seems to be attracted to those who put in the consistent effort. Nevertheless I still track short term results because I have bills to pay. Eventually I would like to only pay attention to annual results.
“So you want to be a carpenter, do you?
Well it takes more than a hammer, boy, you're gonna need blueprints and a will to build, and
Straighten your cap! you look like you've been through a war.
Wipe that grin off your mug, you got a sturdy frame?
Sluggish posture just won't cut it.
You're gonna need schooling, and, and, and take notes!
And god if I catch you yawning again you're gonna regret ever asking for my help,
And dammit you gotta hustle, this is a slacker-free zone
And, where's my pencil? go get your hard-hat,
here's a nickel, go get us a ruler and a saw and a drill and lots of graph paper!” -Aesop Rock
What Support Looks Like When It BreaksLooking at the m15 chart only can lead you to have the correct idea but in the wrong place.
By looking at high time frame charts you get a better picture of when a trend is in place, when a trend is no longer working or when there is no trend and we're in a range.
On the attached charts a daily time frame (top left) has a defined up trend and at 1.6700 the trend line and price meet for the 3rd time of Sept 27th. Here traders wanting to keep adding to long trade would initiate a long trade.
However by the close of the daily candle that idea is no longer valid, as the trend line did not hold as support.
Moving down through the smaller time frames we see that the days leading up to the 27th September have been consolidated into small daily moves. There is a clear line of support under these days that is clearly broken on the H1 chart etc. This equates to the time when the Daily candle approaches the rising trend line.
What we see happen next is that the broken daily horizontal support is now acting as horizontal resistance and price is trapped between this new horizontal resistance and the rising daily up trend.
When the horizontal resistance holds and the daily rising trend line are broke on the H1 candles traders waited for a quick retest and then went short. Accelerating the move.
GOLD / D1-W1-M1 : MultiTimeFrame Analysis with Elliott+SinewaveTook me quite some time to build this up but the result shows a very clean sceanrio here ! Everything tends to correspond between each different timeframe and so the forecast is even more likely to occur.
It shows that on the biggest timeframe, gold has made it's 5 wave impulse and is now retracing in 2 impulses . The first have been completed and we clearly see it confirmed by multiple timeframe sinewave signals. We're now working on the corrective wave of this rectacement ( the A to B wave ) . Which normally plots as ZigZag and tends to be the case here. Looks like we've made the first impulse of our sub ZigZag... working on the corrective wave (that appears to be a barrier triangle on daily chart). The next move should be a 3 wave bullish impulse reaching out to 100-127% extension of the previous wave . Completing this will give us our B point of major count that we will the sell for the second corrective wave of the monthly corrective count. It can seem messy... but hold on, zoom in and take the time to read ! You'll have much clearer sight of what would be about to come ;)
Hope this idea will inspire some of you ! I'm pretty new to TradingView so I'ld appreciate any like/follow if you feel like it deserve it ;)
You can check my indicators via my TradingView's Profile : @PRO_Indicators
