I really hope this thread help someone as it will help me! and when i say that will help me itīs because the most you write, talk, share your own strategy the more familiar you become with it, the more you know it and it will be a mechanical process, this with an strong money management discipline will take me to the profitable side, that we all need and want.
This will not fill my chart of indicators and i prefer to keep it that way.
As the good man said "live by the rules", i will keep this rules no matter what!!
1. Look for the MACRO TONE of the market, is this up or down?
2. Wait the market Open; wait the first five minutes to see the Opening range.
3. Wait at least 20 minutes after market open, this will help you spot the swing high and low of this period and this will be used to draw the Fibonacci retracement and extensions.
4. Look for any confluence and support/resistance, pivots or institutional levels.
5. Your candle patterns will be Doji, Hammer and spinning top ONLY!
6. Look for price reversals at the 50%, 61.80% and 78.6% ONLY! Your favorite will be 61.8% (the Mean)
The strategy is simple:
Buy/sell when price reverses to the 61.8 fib level. i will use 3 levels only and this will produce a BUY/SELL ZONE,
this number will be 50%,61.8% and 78.6% is price go beyond this level I WILL NOT TAKE THE TRADE.
The range will be dictated by the first 5 minutes after Market Open, but i will WAIT at least 20 Minutes in order to identify the swing high and low.
I will draw my fibs from using this swings.
the strategy will get clear as the time and examples goes and show themselves.
i will post every possible chart to explain the strategy.
I will use a 233 ticks chart for my day trading, and occasionally to draw my levels i will use a 240 minute, weekly monthly.
I will trade, Crude Oil (CL), 6E, 6A, 6B, 6C, TF, GC, and probably ZB.
Letīs make money!!
J Dennis Neeman.
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regarding the MACDBB Lines, this one works around the zero line, the trades come when the zero line is rejected, crossed down or crossed up, this indicators works as a confirmation of the trade or the intention of the market, it can be used in combination with stochastic to measure momentum or standalone.
About Symmetry it works just perfect!!, this is easy, you draw the first impulse, the one you used to draw the fibonacci levels and copy the line and place it from the retracement up, this will give you the possible reach point of the price if the symmetry 1:1 is valid (80% of the time it is)..
when used correctly in combination of everything this is just a killer!!, as you can see in the image attached price found support at the WMA 200 line, stochastic supported the upside move (it was oversold), MACDBBLInes zero line was rejected, price rejected the 50% retracement: RESULT: A WINNER!! 100%
Well i hope this helps a bit.
J Dennis Neeman.
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