Well, starting now my trading journal.
I have been studying trading since months and can't find what to do with this huge chaos of information i am lost, so i have chosen to start randomly picking up things that makes sense to me.
My goals :
-Find a strategy that works in 4 hours chart or more that steadily increase capital by 30%+ year . (I am open to any suggestion, this strategy is what i found so far)
-Improve it until i die.
Here's what i found out as a strategy :
-Find the trend and ongoing waves with Elliott Wave Principles (Top-down from Yearly to Daily) or a 3-18 weeks pattern about to break-out.
-Draw it and use a Pitchfork on the last wave (Daily or 4Hour) : This is optional
-Try to find a good entry spot (Wave 2, Triangle, Wave 4, Wave C, break-out of pattern)
-Open the 60M chart and pyramide the entry with fibonaccis levels and/or price action(or break-out of pattern on fibs level in lower timeframe in direction of my trade).
- When trade is validated (reaction from fibo level, break new high in 4hours etc) place Stop on entry.
- Leave the trade until i find a blatant divergence on MACD or RSI, or reversal pattern on Daily chart, then only i EXIT and probably look to reverse my position.
- Enter as many position as i can in non-correlated assets, in correlated assets i would look to short the 2 weakest or/and long the 2 strongest.
- I will only increase my position if first position is freerolling, and i will enter again as an independant trade with my stop at the entry of this specific trade as soon as possible.
- Trade on demo account until i have proof this is working
- I completely ignore support/resistance unless i see exhaustion on MACD, RSI or Price Action, i do not take partial profit on support/resistance or fibo level if i don't see exhaustion, indecision or reversal pattern.
Don't know if this strategy is good, will probably waste 6 months of my life, but hey i hope i will learn something and going forward to find a good one.
If any profitable experienced trader knows a profitable strategy for swing trading, i'm open to any suggestion. :help: