Please enable JavaScript.
Coggle requires JavaScript to display documents.
My Strategy in Trading - Coggle Diagram
My Strategy in Trading
8AM Trade
15min ORB
- put support & resistance on the 1st 15 min candle of the opening range
.
- if the succeeding candle opens above the resistance, its a signal for BUY
if the succeeding candle opens below the support, its a signal for SELL
.
- repeat step 2 for candles with the same position
-
Steps in Trading
Trend Analysis:
Determine the overall trend (uptrend, downtrend, or sideways) using tools like moving averages (e.g., 50-day and 200-day moving averages), trend lines, and the direction of price action.
Time Frames
Check multiple time frames (e.g., daily, weekly, and intraday) to get a comprehensive view of the trend.
The longer-term trend often takes precedence, but shorter-term trends can offer insights into timing
- Identify Key Levels
Mark the most recent support and resistance levels on the chart
-
-
Risk-Reward Ratio
Ensure the potential reward outweighs the risk, typically aiming for at least a 2:1 ratio.
- Execute Trade
Enter the trade once all simplified conditions align
- Monitor and Adjust
Keep an eye on price action and volume.
Adjust SL and take profit (TP) levels if the market conditions change significantly
Entry Signal:
Look for a bullish candlestick pattern (like an engulfing candle) near support in an uptrend, confirmed by an uptick in volume
-
-
-