Methodology -
I trade on price action but use indicators for confirmation of trade signals
Charts -
Daily EOD charts - To identify the trend
3 days 5 min charts - To identify entry points
Indicators -
Bol bands - 10,2 - used to identify potential profits rather than reversals and volatility
Stoc - 10,3,3 - used for confirmation of signals
MACDH - 13,6,4 - used for confirmation of trend
100MA & 200MA - For long-term trend for awareness..not actually used much in trading.
Candle patterns used for signals
Engulfing
Piercing
Stars
Double Bars
Stop Loss or Money Management
I take entries at hundreds or fifties as these whole numbers provide better resistance
for e.g.
I prefer taking
short entries @ 99.45 or 99.95 instead of 99.25 or 99.70..with s/l @ 99.70 or 100.20
long entries @ 99.05 or 99.55 instead of 99.25 or 99.70 ...with s/l @ 98.80 or 99.30
I generally risk only a quarter below my entry price as I believe if an entry is good it should not really hit your s/l and even if it hits and you are proved wrong you are out soon
To book profits -
I mainly use trailing stops based on closing price though any day the ultimate S/L is my entry price.
But I do not stick to some specific rule as my stop loss varies with momentum.
