My Own Made Trading System
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Hi,
I hope someone more experienced can guide me to constructing a decent simple trading system.
I am an intra-day trader mostly trading 15 min timeframes on the Eur/Usd only. I look at the swissy and cable for correlations only.
My main trading analysis is based on previous supply and demand zones on the 4/1/30 min timeframes I look for confluences.
I go with the trend always. I use a point based rating system which I base my risk to reward ratio on. The more evidence I have to enter a trade the more I risk but no more than 3% of total account. I look for 2 profit levels 1 at 20 points and 2nd at 40 points moving my stop to breakeven after 20 points as capital preservation is my number 1 goal even if it takes longer to become profitable.
I wait for a rally in price and wait for a double top/bottom enter on a retest of the high/low's at the necklines and look for candlestick formations. I use Fibonacci cluster zones from the W/D/4/1 and also pivot clusters I increase/lower my risk when I see weekly or monthly pivots approaching price.
I use the 5 min chart to get a more precise entry/exit/stop price and warning for the 15 min timeframe. I use the 1/4 for the current trend look at the last few candle bars.
My arsenal of tools are: harmonics ABCD, Psychological Levels RSI, MACD, MA's, Trend lines, Pin Bar Reversals, Bolly Bands, Alligator.
I also use a couple other systems within my own strategy if they confirm if I add them on if they don’t I leave them. I use the Pip Accumulator with trend probability, Siddus System, SRS Trend Rider and Ultra Trend line system as extras.
I do not clog my chart up with all these indicators and price action points but keep them separate to make it naked as possible.
Personally, I like the idea of going total naked using support and resistance only, but it makes me shiver that I haven't done my analysis properly I am comfortable on the idea that there is a confluence/cluster zones rather than only S&R zones.
The only areas that I feel I can improve on is moving to the 4 hour charts I would like to, but I can't wait that long I would rather be stopped out in 1 hour than waiting 4 hours for a winner sorry but that's me.
I am reading as much as I can about price action and watching tutorials learning new things, but I am at my wits end about to pack it all in as it’s not working for some reason yet I have a glimmer of hope as my account is not blown up yet. I do get burnt out on most days with information tried to take a back step but trading is far too attractive to stay away the computer for a few days.
If anyone can add or erase anything that you feel will help my system feel free too as I am out of ideas.
Thanks for reading.