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Day trading and Scalping Example NIFTY July 8I use multi time frame analysis very heavily. I always establish context for trading before I start the day. For context and levels, please check the following posts prior to July 8 *** Links Below I am always fascinated by day trading - not because of the lure of quick money. But I think it is extremely hard for me. At least it is hard for my personality. It is always said there are two kind of traders 1. Traders who can think very fast 2. Traders who can think very deep I always see myself comfortable in category two - deep thinker. But to put myself out of my own opinion's prison - I day trade. Though day trading is hard, it teaches many things to me as a trader. 1. Emotional Control and Money Management - I don't have time to adjust , reflect back and somehow prove to myself that I am on the right side. I better quickly exit of my positions with great emotional control. 2. Relentless Planning - Since I don't have lot of time, I have to plan insanely - thinking of all possibilities and my actions. 3. NO to laziness - I cant afford to relax during the day session. I need to have extreme clarity of thought throughout the trading session. Now, one may think that all these learning can be from any time frame trading. That's true. But when you have a ticking clock next to you and market presenting you 1 of n possibilities every single candle, that changes you for good. It makes you fast. Then you can adjust to larger trading styles easily. Below is my example live thought log for the day. I escaped the day with approx Rs 34 / lot profit. Not a bad hunt after crazy price movement! ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- NIFTY chart is extremely positive. Market looks prime for 11000, but global clues soft. Typically, such setups if bullish do not give chance to enter, starts with gap up. If there is no gap up it may be contra indication for sideways movement for the day. Since it is Wednesday , 1 day prior to weekly expiry, it is better to sell options and scalp premium. Risk : large volatile movement. Stop Loss, opening ranges of 1 st hr. Close positions starting from 1:30 PM. -------------------------------------------------------------------------------------------------------------------------------------------- 1. Expectation was rally. But flat opening. Global markets are soft. Hence I sold 9300 CALL. Idea is to cash in Theta loss for the day in case of sideways movement. It is a risky trade. 2. Candle at 9.30 starts confirming this movement. Let this movement complete. 3. Any close below Previous day High, position can be added to. 4. As yesterdays high shows support around 10800, 10700 PUT is sold as well. Again Idea is to get benefitted by sideways movement and theta decay. 5. Overall position entry is now 33+30.30 = 63.30 Rs. 6. Since breakout failed, now NIFTY likely to stay in the range. So 10800 CALL sold 68.05 Rs. 7. So far trade is going ok. definitely signs of consolidation. BANK NIFTY broken out, NIFTY lagging. 8. Position 10700/10900 Strangle : 66 Rs (3Rs loss) Position 10800 Call : 74 Rs (6 Rs loss) -------------------------------------------------- 9 Rs Loss 9. Position 10700/10900 Strangle : 65 Rs (2Rs loss) Position 10800 Call : 56 Rs (12 Rs Profit) -------------------------------------------------- 10 Rs Profit Going as expected. On breakout of the opening range Another short added 10800 CALL 56 10. Opening range breakout failed. 10750 PUT sold, Now look for opportunity to reduce position on 10800 CALL as breakout failed. 11. Usually NIFTY may jump around after 1.30. VIX did not decrease so far. So NIFTY players sense uncertainity at these levels. Closed 10800 1/2 position. Position 10700/10900 Strangle : 56 Rs (10Rs Profit) Position 10800 Call *: 62 (6 Rs Loss) Position 10750 Put : 46 (3 Rs Profit) * Position 10800 CALL : (68-61) (7 Rs Profit) -------------------------------------------------- 7 Rs Profit / 7 Rs Booked Profit = 14 Rs 12. The price range is getting tighter. NIFTY advance decline is 25 to 24 Neutral. 13. As Expected move started. How strong the move to be seen. 10800 PUT sold as initial direction of the move crossing the range. VIX started cooling off 14. Break above range is not showing strong follow through so expansion attempt is not rapid. That is a good sign for my trades. Position 10700/10900 Strangle : 50 Rs (13Rs Profit) Position 10800 Call : 74 (18 Rs Loss) Position 10750 Put : 31 (18 Rs Profit) Position 10800 Put : 50 (4 Rs Profit) * Position 10800 CALL : (68-61) (7 Rs Profit) -------------------------------------------------- 17 Rs Profit / 7 Rs Booked Profit = 24 Rs 15. NIFTY is showing many indecisive moves. It is above previous day high. Essentially, the morning down move can be negated and fresh up move possible tomorrow. It is 2.20 PM so 1 hr to go in trading. Priority will be to close short positions first. Then Long ones. Closed 10800 Put : It was latest and more prone to loss. * Position 10800 Put : 49 (5 Rs Profit) 16. NIFTY dipped below Previous day Low. Now NIFTY can again go to 10800 17. Actually large moevement at 2.30 PM. Closed the positions. Final tally is Position 10700/10900 Strangle : (63 - 45)(18 Rs Profit) Position 10800 CALL : (68-61) ( 7 Rs Profit) Position 10800 CALL : (56-55) ( 1 Rs Profit) Position 10750 PUT : (49-46) ( 3 Rs Profit) Position 10800 PUT : (54-49) ( 5 Rs Profit) ------------------------------------------------------ 34 Rs Profit ------------------------------------------------------------------------------------------------------------------------------- Retrospection : -ve's 1. Position of 10800 PUT sell was not a good position to take, it was more like a balancing previous position. Better option would be to just square off 10800 CALL position for loss. 2. Entry for 2nd position on 10800 CALL could have been better. Also it was not correct with original sideways assumption. +ve's 1. Traded as per the plan. 2. I was able to close everything fast enough before the volatile move. Reference Monthly Analysis Weekly Analysis July 7 Log
NSE:NIFTYEducation
by Observe_Think_Act_Think
1
Trader's Guide to Credit SpreadsThe strategies and ideas presented in this guide have been designed to provide you with a comprehensive program of learning. The goal is to guide you through the learning experience so you may be an independent, educated, confident and successful trader. There are numerous variations of traditional options strategies and each has a desired outcome. Some are very risky strategies and others require a considerable amount of time to find, execute and manage positions. Spreads are a limited risk strategy. Spreads Spreads are simply an option trade that combines two options into one position. The two legs of one spread position could have different expiration dates and/or different strikes. Spreads can be established as bearish or bullish positions. How the spread is constructed will define whether it is bullish (rising bias) or bearish (declining bias). Different types of spreads can be used for the same directional bias of the stock. For example, if the stock has a declining bias, a call credit spread or a put debit spread could be opened to take advantage of the same anticipated move down. In this guide we will be talking about Credit Spreads , which are a limited risk strategy. Learning how to manage risk is as important as learning the details of a strategy. Credit Spreads A credit spread is created when an investor simultaneously sells-to-open (STO) one option and buys-to-open (BTO) another option. The premium received for the STO is always greater than the premium paid for the BTO thus creating a net credit to the account. Example : STO a call using the 120 strike for a credit of $5.20 BTO a call using the 130 strike for a debit of $3.80 Net credit for the spread is $1.40 = 5.20 credit - 3.80 debit The ideal construction of a credit spread is to sell-to-open (STO) an out-of-the-money (OTM) strike and buy-to-open (BTO) the strike that is 5 – 10 points further out-of-the-money (OTM) using the same expiration. When opening a call credit spread , further OTM means a higher strike. When opening a put credit spread , further OTM means a lower strike. Both legs are opened on the same underlying equity and use the same expiration month. Call credit spreads are opened when there is a declining bias and will be profitable if the stock moves down. This is because a call credit spread is opened for a credit and since the value of a call option decreases as the stock goes down, at some point the spread will be bought-to-close (BTC) for less than it was sold-to-open (STO). Here is an example: Stock trading at 500 and has a declining bias. STO 510 call BTO 520 call This spread creates a credit of $4.80 Stock declines to 490 causing the values of the calls to also decline. The position can now be closed for a profit. BTC 510 call STC 520 call The cost to buy back the spread is only $3.80. Since the stock declined in value, the call options are cheaper. The spread was STO for a credit of $4.80 and BTC for a debit of $3.80 resulting in a $1.00 profit. Put credit spreads are opened when there is a rising bias and will be profitable if the stock moves higher. This is because a put credit spread is opened for a credit and since the value of a put option decreases as the stock goes up, at some point the spread will be bought-to-close (BTC) for less than it was sold-to-open (STO). Here is an example: Stock trading at 520 and has a rising bias. STO 510 put BTO 500 put This spread creates a credit of $3.60 Stock rises to 530 causing the values of the puts to decline. The position can now be closed for a profit. BTC 510 put STC 500 put The cost to buy back the spread is only $1.80. Since the stock went up in value, the put options are cheaper. The spread was STO for a credit of $3.60 and BTC for a debit of $1.80 resulting in a $1.80 profit. Time decay is a positive factor in trading credit spreads. Since the position is opened for a credit, money comes into the traders account immediately. As time value decays, combined with a favorable movement of the stock, the value of the position will decrease allowing the trader to buy-to-close (BTC) the position for less than it was originally sold-to-open (STO). Risk and Reward on Credit Spreads Reward The maximum profit that can be earned from a credit spread is equal to the net credit received when the spread was opened. For a credit spread to realize the maximum profit, both legs of the spread would need to expire worthless which means the position would need to be held until expiration and be out-of-the-money at expiration. It is not advised to hold positions until expiration. Short term movements in the stock plus time value decay provide opportunities to close out positions for a profit of, generally, about 10%. If a position is profitable and the trader decides to hold the position hoping for a bigger profit or in an attempt to carry the position to expiration, there is a good chance that the profit can disappear, and the position could turn into a losing position. A good way to lose money is to wait for a bigger profit. Risk The maximum risk, or potential loss, from a credit spread is the difference between the two strikes minus the net credit. Example: STO 120 call for a credit of $5.20 BTO 130 call for a debit of $3.80 Net credit for the spread is $1.40 The difference between the strikes is 10 points. $10 is the max risk less $1.40 credit = risk of $8.60. The maximum profit is equal to the net credit, $1.40. Losses occur when the short strike (the STO leg) is in-the-money at expiration. This is because the trader has sold to someone else the right to buy the stock at the short leg strike. Since the trader does not actually own the stock, they will need to buy it and sell it at a loss. A maximum loss will occur when both strikes are in-the-money at expiration. The breakeven point on a bearish (call) credit spread is the lower strike price plus the net credit. Referring to the example above, if the stock settled at 121.40 at expiration, there would be no loss and no profit. Example of breakeven point on above credit spread: Stock trading at 121.40 Buyer exercises the right to buy stock from you at 120. Since you do not own the stock, you buy it at the market price of 121.40 and sell it at 120. This results in a $1.40 loss You get to keep the original credit of $1.40. This netted against the $1.40 loss results in breaking even on the position. The breakeven point on a bullish (put) credit spread is the higher strike price minus the net credit. Calculating the Return There are two ways to view the percentage return of profits from a credit spread. One is to divide the profit by the difference between the strikes. If the difference between strikes is 10 points and the trade resulted in a $1.00 profit, that would be a 10% return ($1.00 / 10). The second approach is to calculate the return based on the amount of capital that was at risk. After all, if the trade lost 100% of the risk, that is the amount the trader would no longer have. So, the profit percent is calculated by dividing the profit by the risk. In the example above, the net risk is $8.60. If the credit spread trade resulted in a $1.00 of profit, the percentage return would be 11.63% ($1.00 / $8.60). This approach shows the importance of managing risk. Lower risk drives higher returns relative to capital at risk. Opening a new Call Credit Spread The following steps should be referred to when opening a new call credit spread position: 1. Review the technical indicators on your chart and confirm there is a consensus between multiple indicators pointing to a declining bias. 2. Select an expiration that is two to four weeks out. Two weeks is generally the minimum time to expiration you want to use. Building time into options positions is advised in case it needs to be managed. The sweet spot for opening new positions is three weeks to expiration. 3. STO an out-of-the-money (OTM) call strike. 4. BTO the strike that is 5-10 points further out-of-the-money (OTM). With a call spread, further OTM means a higher strike. Generally, when properly constructed, the credit on a 5 point spread will be in the range of $1.20 - $1.80. A 10 point spread will generally be 2.50 – 3.50. The closer the strikes are to the current price, the higher the credit, while this reduces the overall risk of the position, it also increases the chances of the position moving in-the-money (ITM) which can result in an overall loss. 5. When placing the order, always use a Limit Order . A limit credit order specifies to the market the amount of the credit you will accept. A limit credit order will be filled at the specified limit or higher. Market orders should not be used. 6. With some stocks and indexes, the difference between the bid and ask is quite large. The broker will usually give you a quote called the “Mark”. This is the midpoint between the bid and ask. It is the price you should start with when submitting your limit credit order. 7. Calculate the risk of the position. Difference between the strikes – credit = risk. A position with a credit of $4.50 and 10 points between the short (sold) and long (buy) strikes would have a risk of $5.50. 8. Use the risk number to determine the number of contracts to open. Risk x 100 = the investment required for each contract. With $5.50 of risk and 1 contract, the total investment would be $550. ($5.50 x (1 contract x 100 shares per contract)). The total investment on 4 contracts would be $2,200. ($5.50 x(4 contracts x 100 shares per contract)). 9. Once you know the total investment required per contract, you can decide how many contracts to trade based on the size of your portfolio and personal risk tolerance. 10. After the trade has been opened, place a Good-til-Canceled (GTC) order to close the position. A GTC order will stay active until market conditions are such that the position can be closed for a profit. GTC orders execute automatically and do not require you to be in front of your trading platform to take advantage of the profit opportunity. Place the GTC for a limit debit price based on your desired profit target. One example is to set a GTC for 50% of the credit you received when you opened the position. With a credit of $4.50, a GTC would be placed to buy to close the position at $2.25 allowing a $2.25 profit.
SP:SPXEducation
by NewCycleTrading
3
Bollinger Band Snaps (BBS)Bollinger Band Snaps (BBS) Timing of options trades are elusive, especially during dynamic price trends. There is one technique, however, that reliably and consistently allows you to time trades. The Bollinger Band Snap (BBS) signal occurs at very precise moments during a bullish or bearish trend, and vastly improves timing of both entry and exit. The chart of Chipotle (CMG ) is highlighted with three examples. The first occurred in late February, when price moved below the lower Bollinger band for two sessions. The move then “snapped” back into range, which is predictable. Price rarely remains outside of the Bollinger Band range for long. The second event occurred in mid-March, when price moved below the lower Bollinger band. In this case, the expected retracement (snap) happened the next market day. The final incident was the longest of the three, from mid-May into end May. Price traded above the upper band for six consecutive sessions before snapping back into range. The signal is reliable because a retracement back into the Bollinger Band’s two-standard deviation range is inevitable. It can take a longer or shorter period, but it eventually occurs. The signal provides both an entry flag (when price moves outside of the band) and an exit flag (when it moves back into range). Trading this signal is also apparent at the time it begins to develop. A move outside of the Bollinger trading range generally is going to snap back within a few sessions in each instance. In the February case, price was approximately $755 per share. With the expectation of a snap back into range, a bull credit spread could be opened with puts. Buying one 735 put and selling a 740 put would have set up a small credit. Using the weekly expirations ensures rapid time value decay. In the second example, price was approximately $465 per share. A call could be opened using 4 – 6 weeks to expiration and opening an at-the-money strike. The credit spread strategy could also be applied in mid-May when price began advancing above Bollinger’s upper band at $998 per share. Buying one 1030 call and selling a 1025 call for a credit. In all of these instances, the entry point is easy to identify. It is seen where price moves outside of the two standard deviation range marked by the upper and lower bands. The exit point then occurs when price snaps back into range.
NYSE:CMGEducation
by NewCycleTrading
3
Using the strategy tester to prove WTD performance!Use the strategy tester with our strategy to check the weekly performance, use it also as a trading journal - you simply need to follow it at least! We can see all of the trades for the week and the profit and loss. Strong gains this week with a 20% gain risking 1% per trade - even more on some 30 minute entries. A great week, catching big JPY moves in particular. and holding them! This is NOT just an indicator, its far more than that as you can hopefully see. These gains do not include the 300+ pip move on Gold or indices, etc. Regards Darren
Education
by pow_removetheguesswork
1
Scalping opportunity on the 1m/3m/5m timeframes .....Those that like to scalp or want to learn can using our strategy. Its very clear to see how to follow price as shown - also our members can test using our strategy tester and hone in on the settings and parameters even further. However, this video is just showing standard settings. Either follow price or use the labels for SL and TP targets. Part close at TP2 and leave TP3 until the reverse signal or SL to entry, could work too. Lots of different ways to manage the position once you are in - even taking 15 pips a time would have worked a treat. Regards Darren Blue FX
Education
by pow_removetheguesswork
4
Blue FX Strategy v3 - letting winners run is key!An explanation into V3 and the differences that are designed to help you the trader, in execution, convenience, efficiency, trading psychology and ultimately profitability. Improvements made; Lot size calculator Pips in brackets Back testing functionality Customisable settings Stop loss and Take Profit labels visible on all time frames and more! Its all there - explained in the video traders. Thank you. Regards Darren
Education
by pow_removetheguesswork
Blue FX Trend Strategy V1 - how does it work?Video explanation on V1 - how it works and how to use it. We will next explain V2 and V3. We have developed the initial strategy very quickly and these videos will explain the changes and help you the trader, find the right tool for you. There is no one size fits all approach, but fundamentally our strategy is based on you being the right side of the market and to encourage you to let your winning trades run. Cut losers, let winners run. Sometimes the best trade to take is the one you are already in! Learn to spot a ranging market and have patience in your execution on a break out and you will vastly improve the statistics here too. Full back testing functionality on just trend following - BUT scroll left and test easily too with a Fixed Stop Loss (SL) and Take Profit (TP). Custom settings can improve or decrease performance across all pairs. Regards Darren
Education
by pow_removetheguesswork
This is the only video you need to watch today! PROOF of successHi Guys and Girls I hope everyone is well. I am personally really excited about this video, our strategy and the community we are building. I genuinely don't think there are many services that can verify and validate the profitability of a strategy in a few minutes with data for nearly 320 trades across nearly 30 pairs for our May and June to date performance. We can. Risking 1% per trade - double account growth - crazy right? Even risking 0.25% is just under a 30% gain. Or just trade less pairs and still get great results - as we show in the video. In the video we talk about the changes and improvements to V3 - this can be a live trading journal you just need to follow. No need for myfxbook lot size calculations or the Stinu (which is great!) app - we have it all built in automatically - set your balance, your desired risk and as if by magic or some forces from the universe - the lot size you should trade appears directly with the trading signal. #gamechanger These statistics are also on 'one size fits all' settings which still prove to be great (apart from on 4 pairs) - we know we can improve these a lot more and that is what we are currently working on - this will look like a PRESET pull down menu that does it automatically. There is no need to leave trading to 'chance' and being 'lucky' or not - we have PROOF our strategy works, watch the video and take confidence, positivity and self belief into your own personal trading journey. Regards Darren PS - Thanks again to Connor and our secret weapon - we call him Uncle Wizard.
Education
by pow_removetheguesswork
2
Spotting signals without staring at charts all day? [Advanced]Prologue & disclaimer, you can skip this: [ I am not talking about a strategy. I call this advanced because someone that has only been around for 3 months should be busy touching and looking at everything, soaking up info, someone around for 6 months should be busy backtesting and coming up with a decent method or strategy supported by a sufficient knowledge base. What the focus is here is how to generate ideas without wasting time. You're profitable or hoping to be, you've got a few years doing this, you're going to keep doing it for the next 30 years, you're not going to be staring at charts all day long just to spot something. Profitable strategies are complex, I seriously doubt something any idiot picked off the street can do will make money in the long run. An essential part of the strategy is knowing where to look. I guess most pro traders don't even do this step since they are hired to be experts at 1 thing and 1 thing only. "Looking for an Oil trader in the London region". I've heard of offers for FX & something, but those are portfolio managers, or managers for traders. I don't know how many people this applies to. What do equity traders do? Read the news, keep their ears open, and focus on companies they heard about? Day trading is still stupid. I thought I had a huge amount with 35 (4 commodities + ~10 currencies total of 31 pairs), and here investopedia is talking about building a primary database that contains between 300 and 500 stocks and a secondary list that fits on their trading screens. Haha ye sure ok. Scram. A site interviews a stocktwits troll "My stock selection preparation is done more on a weekly basis. 90% of my watch-list is created on the weekend, for the week ahead. At any given time I have 50–100 stocks I’m eyeing daily for potential setups.". The fact that 90% get rekt within months and quit, 9% barely make it and don't really know what they are doing, and 1% are complete autists and paranoid about losing their edge, makes finding that kind of info pretty hard. My watchlist barely changes, I always have 35 symbols in it. You want it big enough that you filter filter filter and go for the juiciest setups only, but hundreds LOL!!! netpicks "I day trade a watchlist of 10-25 names I spend 5-10 minutes 3 times a day scanning the whole list". Hedge funds hold hundreds of stocks currencies etc. What is this? It's like I am an OTP with a massive watchlist of 35. One Trick Poneys are always absolute beasts. Especially when they one trick complex high risk high reward things that others struggle with. And it gets worse the more abstract it is. I like it. I like it very much 😊 End of Prologue ] This is a marathon not a sprint. Have you ever been carrying a backpack or grocery bags and thought "hey this is quite light" and rushed forward only to get tired and have a hard time after 20 minutes, losing breath, losing your grip, and running out of energy? What about these trolls that sprint in actual marathons and lead the race... for about 50 seconds...? Then finish in 4-5 hours (Eliud Kipchoge holds the world record with 2:01:39 man grandpa broke the record at 34 years old, and he set the london record at 35, it's never too late max heart rate goes down with age but that's all, plenty of top marathon runners and bodybuilders are like almost 40, and those are physical activities, so imagine for mental activities that rely on experience and rational thinking NOT impulses, but excuse finders will always find excuses "I am too young too young to invest yet, and I have all the time in the world, and should focus on studies" followed by "I am too old now"). Absolute 😂😂😂 Short bursts are so much easier. Quick explosion and then you're done. Sweat alot and out of breath for a while, but done. Marathons are painful! Feels easy at the start but it gets difficult over time. That's enough explaining. What you want is to make it as simple and as easy as possible because your short burst motivation won't last. Myself, I want to have a focus that is small enough to stay performant and not exhaust myself, but I don't want it to be so small I miss out a ton. I'm going to go throught my thought process and come up with something at the end of this idea: I have a large watchlist... Would I miss alot? Solution 1: I keep my 35 charts and quickly look at them visually to get ideas, to get a quick "feel" of where the price is compared to where I want it to go. Solution 2: I go for 12-15 charts and spend more time on each thinking of all the possibilities and looking for more. You absolutely have to make it as simple as possible. I could remove some pairs. USDTRY I don't really ever touch. I don't remember ever doing anything with AUDCHF. But even if I reduced it I would want to keep 25 to 30 tickers in there. I can't be constantly scanning it. I don't look at indices much anymore, but still a bit, sorta need too I guess, and it's interesting. Looking at US indices and Bitcoin and Tesla breaks the routine, it makes it interesting, so that's part of the solution not the problem. I don't want to drastically reduce my watchlist, and I don't want to spend 2 hours a day looking at chart in a repetitive way. "2 hours work a day isn't much". Doesn't work like this. First of all it is repetitive and extremely boring. Check. Mate. Let's say I am looking for price reaction around support levels after an ABC. The strategy is advanced but I can divide it in steps: There's pretty much all I can think of here, not sure what else one would look at, maybe I missed something. When I have a potential setup I know how to analyse it, but the problem is in what order, more importantly how to get an idea? I can't spend 20 hours a day 7 days a week analysing every currency in depth. What is the simplest? 1- Draw supports on 35 charts once a week, set price alerts and go in more depth when an alert pops? 2- Look for reactions and then check it? 3- Do an analysis on 35 charts then set price alerts on the few levels I am interested in? 4- Look at the central bank calendar, and only pay attention to currencies moving (there's periods with certain currencies offering lots of trades and other ones doing nothing, no point looking at the ones not doing anything special or predicatable) It takes time but it is less boring than other ways. Imperfect. 5- This looks like the more viable direction, so let's dig into it more... ==> So then the question is, how often do I watch, and what alerts do I use? Better look at another now. Other examples of "dirty" ABC: And another question? How to know what the macro trend is etc? Can read news often but most Forex "news" is, going to use the correct word for it, retarded. And boring too. Absolute load of rubbish. Just read central bank announcements? I have yet to find an interesting media. Tried to post ideas myself but it's too much. I don't know if this is clear but it doesn't matter anyway. Just wanted to show the thought process. I did plenty of backtesting (I just posted a couple of charts here but I did hundreds more, not counting those I traded and those I backtested without this particular problem in mind in other words my experience). Basically I think the optimal lazy/reward ratio is with scanning my watchlist twice a week. More is greedy and I just won't do it (and end up missing out more), less is starting to be a little too little and I might miss out really often. You're not here to go and chase every little move. But you do want to grab some! At some point maybe we're all supposed to tire of it all anyway and go long term hold, or hire people. Going to fry my brain with too much thinking. So anyway I think I came up with this: This would make a decent template. Then all you have to do is fill the box with your method, system, strategi(es), preferences. What I need to keep in mind out of this: Step 1: Have clean charts with fib drawn (make a copy before vomitting all over it - I know I won't do it but I like to pretend) Step 2: Sunday & Wed: When it's not Bitcoin tier and actually resembles something ⚠️, spot the area of interest (10 sec top chrono 🚨). Price alert early into. Step 3: When I get an alert, that is a price alert ===> Then I go full TA. I have time. And it will take time. 90% filth ignored, rest gets a "reaction alert". Step 4: When I get an alert, that is a reaction alert ===> Verify, and well I know what to do w/e. Very few to keep an eye on at this point. If I spend too much time looking for an area to buy in then it's trash. The quicker I see it, the higher quality it is. If I can't do this correctly, a solution is to rent an office. Easier to do pointless boring stuff regularly with an office. Just need to go twice a week. But I really like this process. The NAZI lockdown makes it harder tbh, but with a semi normal life, following a process this simple is not a problem. I don't even see how I can make it smoother and simpler I think I reached the limit. That's all folks. Make it as simple and clean as possible. Good luck. The best system in the world is the one you stick to.
Education
by MrRenev
12
4H Support / Resistance with RSI Day Trading StrategyRSI = Blue, EMA of RSI = Red. RSI 14, EMA 45 Long Rules: 1) RSI > EMA RSI = look for long setups 2) Resistance is broken ( a new high ) 3) Price rejects (pulls away) from the previous resistance 4) RSI > EMA RSI >> 50 Short Rules: 1) RSI < EMA RSI = look for short setups 2) Support is broken ( a new low) 3) Price rejects (pulls away) from the previous support 4) RSI < EMA RSI << 50 I typically like to place a stop loss at the top of the closest resistance (if going short) and at the bottom of the closest support (if going long) and TP 1:1. Another method is to go for partial profit at the closest support/resistance and move the stop to breakeven to catch longer trades. 3/4 trade setups in the past month on AUDUSD FLAGS: *the setup on the 20th of March was a working short position, but the strategy is looking long. *the setup on the 31st of March was not validated as the RSI is not > EMA of RSI
Education
by tdyk98
🧲If you want to be successful trader, you must read it🧲🌆Good night, guys!👍🏻 Each of us wants to be a successful trader! 👌🏻 🧷Just as a good technique doesn’t make a profit with the wrong tactics , the right tactics wouldn’t succeed if the overall strategy is wrong . 🧷 🏹With the help of tactics , battles are won, and strategy makes it possible to win a war. 🏹 🔗The strategy determines the opportunity: it doesn’t find an advantage on certain days, but establishes a common source of advantage in the market. 🔗 🧿Ideally, tactics are an instrument of strategy , just as technique is an instrument of tactics .🧿 🔺That’s can be imagined as a kind of pyramid.🔺 💪🏿💪🏿💪🏿Here some tips, how to become a successful trader: 📌focus on fully following your system on every trade; 📌think about weekly or monthly profit, and not about the results of individual transactions; 📌 monitor and analyze your performance; 📌at the end of every day, every week and every month, evaluate your actions and strive for greater success; 📌keep a positive mood; 📌avoid the negative effects of fear and doubt about your competence; 📌teach others how to maximize productivity and with the help of this, improve yourself. If you liked my post, subscribe and put 👍🏻 💋It will be grateful for your feedback🐾 ✍🏻Write in the comments topics, that you would like to read💕💕 Stay with me❤❤❤ Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
6