A profitable strategy for short term trading!! The strategy step by step is the following: We also get an idea of the intraday trend. We try now to draw channels or trendlines. Again we are looking the trend. Here is the ''game''. We have obtain the short term-intraday trend from the previous timeframes.
We are now looking for retracement moves. As we find them we are waiting for a strong candle. In our chart we can see that after a retracement, doesn't matter how big it is, the price go over the EMAs Due to our bearish trend we would place our short positios as soon as a strong bearish candle appears. By the term ''strong'' i mean a candle whose body is bigger than the last bullish candle the more bullish candles it ''eat'' the better.
This is the 1st condition to put a Trade. The second is the strong bearish candle to cross downwards the EMAs. I mean to close below them. So pay attention on the 2 conditions that exists in that strategy. In the Top of the graph we can see an incorrect entry bar. Although the price go lower it is not as safe as the way i described above. Trading is somtimes very simple.
You do not need any indicator. The simpliest is the best!!!! I am waiting your comment Thank you for reading Sorry for double posting this. Thought the first comment wouldn't be there Thanks for this strategy. I honestly really appreciate it! Here are my thoughts: In my opinion it is brilliant.
Combining multiple time frames with price action is better than any indicator. Drawing also the 4h horizontal trend lines is also important because of good to know to have resistance behind an entry. Are you still using this strategy currently? The support levels - to identify the bearish trend - are first sighted on the 26th and 27th according to this picture.
Am i missing something? How much back should we start plotting the support and resistance level? Thank You for sharing this sir. I have been using this strategy for quite some time and i must say its impressive. I supplement the strategy with RSI set to default I add a 50 level to the 70 overbought and 30 oversold levels on the RSI.
My entry rules are: Entry only on 15Min TF. This gives me an opportunity to add on to winning trades and maximize gains. However, i feel that i do not have a clear exit strategy for this and i end up losing some pips in the end. Can you please illustrate your exit strategy for the trades?? From the creators of MultiCharts.
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