Simple Intraday Methodology

[NTrader42]

looking for short trade using the 5 minutes chart, will initiate a trade in either case - a pull back or break down below current low

Crude oil short @ 5432 stops @ 5442

 

[NTrader42]

Stopped out at BE, now will be looking to enter a fresh short position

 

[NTrader42]

Trend turning to long now.

Already up on 5 minutes and 15 and getting there on 30 minutes

This turns keeping us out of trades as per the method.

 

[NTrader42]

Long triggered over day high, breakout entry

 

[NTrader42]

Out for nothing

Second trade in the day that had 20+ points on it, but stopped at BE


Edit: One either gets profit or learns lessons from the market, guess today is a day for learning

 

[adityasaraf007]

As I said earlier..... consider this as a lull before storm......






Got a moral uplift from this.....

 

[NTrader42]

Feedback:

1. Referring to higher time frames has kept me off many trades few of them would have been with small profit, but over all it seems to be a better strategy to avoid these trades.
   
   
2. Let the trend on higher time frames get properly into place, no need to try to trade the turns or the first breakouts on higher time frame.
   
   
3. No need to monitor more than 2 time frames, trend direction comes only from 30 minute charts, avoid monitoring M15 or H1 for these trades,
   
   
4. Increase the amount of lag on trend detection for higher time frame (M30), need a more stable definition of the trend, allowing for deeper pullbacks.
   
   
5. Start also taking into account the price action like swing high / low for trend determination & structure like HH, HL, LH, LL on M30 Charts
   
   
6. Entry / Exit based only on M5 charts with MA 20, 0.2% envelope.
   
   
7. For entry / exit on M5 charts, also refer to volume and candle patterns like doji / engulfs / pipes etc.
   
   
8. For correct volume inference and ATP line refer to intraday charts from ODIN and not MT4

 

[NTrader42]

Long @ 5454, stop 5442

 

[NTrader42]

Long @ 5454, stop 5442

Stopped and closing for the day.

 

[NTrader42]

The trend based on fast hull MA turned down on M30. But as per the price action we got a double bottom and there was no break down of the previous swing lows. As no lower low was made, we did not have a downtrend in place on M30.

In fact after that we got a breakout and price making new higher high i.e. continuation of the uptrend. Taking into account all this, the method should not have shifted to short mode at all. Considering this the choice of trades on M5 will be totally different.

The subsequent breakout and failure above the containing trend line could have triggered aggressive short trades on M5, but for now i will not be considering these types of aggressive trading scenarios and will be staying out of failure based trades.

It was a nice learning day, bringing more clarity and refinement to the methodology i want to use.

Thanks