I see you hold trades into one if your levels with a target above. What gives you the confidence that the first level won't hold and the target gets hit. Also, I see most of your trades are longs even though CL is trending down. Does the method produce shorts?
The following user says Thank You to David_R for this post:
I think you are 100% correct when you say to abandon indicators and use levels and price. You ask a good question about the levels where price reacts. What is your answer to that question.
Since you don't want to divulge what your "secret sauce" is which helps you enter a trade, what alternative can the rest of us use? Is the secret sauce something you developed, or is it something you have obtained from a third party? If it's a third party can you let us know who that is so that we can investigate getting the secret sauce as well?
One of the big questions I always have for myself is which level will hold and which level will break. Taking a trade at some level or support and resistance isn't enough to warrant a trade. Do you look at levels from a higher time frame and if you see the price action change trend on your 3 minute it validates a trade?
I dont use Support and Resistance and i have only 2 charts...My 30 min and my trading chart which is 3 minutes
I work out my levels at the end of the trading week and re look at it and rework it on Wednesdays.
I dont use FIBS but i use FIBS tool in Ninja to mark my levels on my 30 mins chart. My secret sauce is in my 30 mins chart and that gives me the certain levels that is bit more than the levels you see in my 3 min chart
I am trying to be as open as possible without giving away too much.
Yes i have had a lot of PMs asking for who the provider is of this secret sauce. All i can say is its not a company or vendor.
Its been a hard work to get to where i am today . And yes i have learnt from few great traders and mentors....
I do all the leg work and may be this is why i have confidence in the system as its not dependent on someone else calling the trades for me.
I know you want to hear bit more but for time being this is all i am willing to share.
I sincerely apologies to all other members who have contacted me but i haven't been able to get back to them. I have been so focused on getting this right that i run out of time.
Thanking you all for reading my journal and appreciate all the feedback,support and questions.
The following user says Thank You to sharmas for this post: