Thursday, April 12, 2012

How do I trade Daily

I am trading for the last 2 yrs .

I use 1 hrs chart for trend detection and 15 min chart for entry.

Indicators I use:

MA 200(EMA)
Trend line, trend channel

Strategy I use:

Trend line, and trend channel break  strategy.

I draw trend line on 1 hrs chart, It is the major trend of the day, then I draw 15 min chart
It is the minor trend of the day.

Always remember, Minor trend retreacs on major trend.It retreaches up to 61.8%

I use stochastic to see retracement , and candlestics for retracement


Trend line : Draw trend line
1 hr chart 
price above 200 EMA, trend  Up

15 min chart ,price below 200  EMA, trend down, it will retrace upto 61.8% of major trend.

So enter buy entry with stop loss

If 15 min chart trend is also up, enter buy.

And vice versa

See trend line break, it indicates the trend is changing.


with thanks





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