Had a few requests to share my chart setup, so feel free to make this chart yours and save the template.
Indicators used:
1) Ichimoku to get an idea of general trend direction and key support/resistance levels.
2) Directional Movement Index to get an idea about trend strength.
3) Candlestick pattern indicator (hammers, etc.) for confirmation. Tbh, you don't really need it.
That's all I use for trading forex, oil, gold and CFDs. Same setup for all of them. Works for stocks too.
The daily charts give me my overall trend direction. If DI+ is above DI-, you can't go short...and vice versa. I use custom settings giving me the monthly DI trend on the daily charts...and the 8hr trend on the M15 charts where I time my entries.
Exits are based on the trend changing on the daily timeframe. I set trades to BE if they survive the day and then simply try to keep 'em going until momentum changes. No fixed TP.
Just shout if you have questions...
I also recommend this if you're even remotely questioning whether longer term trades are worth it or not: forexfactory.com/showthread.php?t=245149
For those who don't know Ichimoku, read this: kumotrader.com/ichimoku_wiki/index.php?title=Main_Page
I only use part of the Ichimoku indicators though ;)
Indicators used:
1) Ichimoku to get an idea of general trend direction and key support/resistance levels.
2) Directional Movement Index to get an idea about trend strength.
3) Candlestick pattern indicator (hammers, etc.) for confirmation. Tbh, you don't really need it.
That's all I use for trading forex, oil, gold and CFDs. Same setup for all of them. Works for stocks too.
The daily charts give me my overall trend direction. If DI+ is above DI-, you can't go short...and vice versa. I use custom settings giving me the monthly DI trend on the daily charts...and the 8hr trend on the M15 charts where I time my entries.
Exits are based on the trend changing on the daily timeframe. I set trades to BE if they survive the day and then simply try to keep 'em going until momentum changes. No fixed TP.
Just shout if you have questions...
I also recommend this if you're even remotely questioning whether longer term trades are worth it or not: forexfactory.com/showthread.php?t=245149
For those who don't know Ichimoku, read this: kumotrader.com/ichimoku_wiki/index.php?title=Main_Page
I only use part of the Ichimoku indicators though ;)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.