A very simple system - trade with arrow
Preface
This system requires the trader to have at least some intermediate ideas about the trade. Make sure you can identify candlesticks and patterns, support and resistance levels, and all fundamental price action before trying to use the system.
Chapter 1.0: Trends and Higher Time Frames
Different types of traders, and especially different types of chart watchers, define trends differently. Before you start talking about trends, determine the HTF (higher time frame) that suits your trading style. So which trending time frame is your preferred one? Basically for pips29 he can get the trend of each market on each time frame but as a beginner in this system please establish a time frame for yourself. For example, I will use my timeframe to bootstrap, which is the H4 (4 hour) timeframe.
Chapter 1.1: Identifying Trends on Higher Time Frames
Before doing anything, you may want to put some indicators in the HTF. If you are confused about identifying trends, this system uses the 10/34 EMA. So enter 10 EMA, 34 EMA and 200 EMA on the chart and see.
Chapter 1.2: Identifying Support and Resistance Levels
Now that you have the basics, you can plot it in your diagram.
********************************* ***************************************Chapter 1.1 and Chapter 1.2 Example******************************************************************************************
********************************* ***************************************Chapter 1.1 and Chapter 1.2 Example******************************************************************************************
Chapter 2.0: Current Time Frame/Entry Time Frame
As a trader, the most important thing is to identify trends. So if you haven't recognized it yet. Please read Chapter 1 and learn from posts or forums like babypips to master it. So I assume your trend is correct and the next step is to find entry points on the shorter time frames. Pips29 uses 5 minute and 15 minute timeframes. I myself currently use a 5 minute time frame to get tickets. Then get ready to enter.
Chapter 2.1: Buy Entry/Sell Entry
Assume your trend is correct. Now it's a matter of finding the right entrance and the right signal in the right place.
1) Look at the pivots, it is important to trade away from the daily pivots
2) Look at the 10/34 EMA, if 10/34 crosses upward, it is a buy signal and vice versa
3) Look at the 102 EMA, please note that the 102 EMA is the 15 minute 34 EMA, we also want to follow the 15 minute trend
4) Check the position of the 1 hour 30 minute 34 moving average, moving away from them means we are in line with the 1 hour 30 minute trend
5) Check 50 CCI, buy when 50 CCI moves above the 0 line and vice versa
6) Finally there is MTF 50 CCI, if the boxes all show the same direction it means the three higher timeframes above the current timeframe are showing positive values
******************************* ************************************Chapter 2.1 or Example of Buy/Sell Entry******************************************************************************
******************************* ************************************Chapter 2.1 or Example of Buy/Sell Entry******************************************************************************
Chapter 3.0: Stop Loss
A stop loss is a reason to set before taking a profit. Trading is a game of probability, and I always believe that if you reduce your losses, as long as the probability is in your favor, you will eventually make money. If we discussed this, it would be a long article. Now make it simple and place it below or above the last high point. If it's too easy to hit, just use the 5 or 15 minute 34 EMA as a stop loss guide.
Chapter 4.0: Take Profit
Every trade is for profit. My trading approach or pips29 approach is to scale and maximize profits. For ease of trading, you can use 1:1 or 1:2 or even more to see which one suits you. If you have any questions, you can ask in this thread.
Next comes in...
Chapter 5.0 Countertrade
Chapter 6.0 Phycology
Latest templates and indicators:
Reading materials:
This system requires the trader to have at least some intermediate ideas about the trade. Make sure you can identify candlesticks and patterns, support and resistance levels, and all fundamental price action before trying to use the system.
Chapter 1.0: Trends and Higher Time Frames
Different types of traders, and especially different types of chart watchers, define trends differently. Before you start talking about trends, determine the HTF (higher time frame) that suits your trading style. So which trending time frame is your preferred one? Basically for pips29 he can get the trend of each market on each time frame but as a beginner in this system please establish a time frame for yourself. For example, I will use my timeframe to bootstrap, which is the H4 (4 hour) timeframe.
Chapter 1.1: Identifying Trends on Higher Time Frames
Before doing anything, you may want to put some indicators in the HTF. If you are confused about identifying trends, this system uses the 10/34 EMA. So enter 10 EMA, 34 EMA and 200 EMA on the chart and see.
Chapter 1.2: Identifying Support and Resistance Levels
Now that you have the basics, you can plot it in your diagram.
********************************* ***************************************Chapter 1.1 and Chapter 1.2 Example******************************************************************************************
********************************* ***************************************Chapter 1.1 and Chapter 1.2 Example******************************************************************************************
Chapter 2.0: Current Time Frame/Entry Time Frame
As a trader, the most important thing is to identify trends. So if you haven't recognized it yet. Please read Chapter 1 and learn from posts or forums like babypips to master it. So I assume your trend is correct and the next step is to find entry points on the shorter time frames. Pips29 uses 5 minute and 15 minute timeframes. I myself currently use a 5 minute time frame to get tickets. Then get ready to enter.
Chapter 2.1: Buy Entry/Sell Entry
Assume your trend is correct. Now it's a matter of finding the right entrance and the right signal in the right place.
1) Look at the pivots, it is important to trade away from the daily pivots
2) Look at the 10/34 EMA, if 10/34 crosses upward, it is a buy signal and vice versa
3) Look at the 102 EMA, please note that the 102 EMA is the 15 minute 34 EMA, we also want to follow the 15 minute trend
4) Check the position of the 1 hour 30 minute 34 moving average, moving away from them means we are in line with the 1 hour 30 minute trend
5) Check 50 CCI, buy when 50 CCI moves above the 0 line and vice versa
6) Finally there is MTF 50 CCI, if the boxes all show the same direction it means the three higher timeframes above the current timeframe are showing positive values
******************************* ************************************Chapter 2.1 or Example of Buy/Sell Entry******************************************************************************
******************************* ************************************Chapter 2.1 or Example of Buy/Sell Entry******************************************************************************
Chapter 3.0: Stop Loss
A stop loss is a reason to set before taking a profit. Trading is a game of probability, and I always believe that if you reduce your losses, as long as the probability is in your favor, you will eventually make money. If we discussed this, it would be a long article. Now make it simple and place it below or above the last high point. If it's too easy to hit, just use the 5 or 15 minute 34 EMA as a stop loss guide.
Chapter 4.0: Take Profit
Every trade is for profit. My trading approach or pips29 approach is to scale and maximize profits. For ease of trading, you can use 1:1 or 1:2 or even more to see which one suits you. If you have any questions, you can ask in this thread.
Next comes in...
Chapter 5.0 Countertrade
Chapter 6.0 Phycology
Latest templates and indicators:
Reading materials:
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