S&R Experiment | Forex indicator download- MT4/MT5 resources
This is just sharing a trading experiment I'm working on.
I don't follow the normal "rules" of MM (S/L, BE, trailing stops, win/loss ratios, etc.). In some ways I'm just winging it to see if it's possible to succeed purely based on experience and probability, using only PA and volume.
Over the years I have tried all the "suggested" rules and failed, eventually settling on a simple scalping technique that has proven successful so far.
I started another thread about this https://www.forexfactory.com/showthread.php?t=698542
Since this was purely an experiment I didn't want to risk a lot of money, but I believed that for many reasons the real results would only come from a real account, so I deposited $300 in a subaccount and attached TE
Very simple, involving daily support and resistance levels, and entry based on H1;
I would not use any stops, and I think some trades may see significant retracements. I would only look for opportunities to abandon the trade if S or R were broken, it might provide an opportunity in the opposite direction. I will maintain my own MM model to compensate for this.
I will be using a bare chart where the only indicator is a cumulative volume based indicator called Weiss Wave.
This is the current daily chart of AUD/USD.
You can see that I inserted a line marking the daily resistance. This line is placed where price falls without revisiting.
You can see heavy buying approaching the line that indicates long trade unloading.
If we switch to the first half of the year, we see the same scenario, along with bearish price action.
The entry point will be at a point near the retest pending or market line.
My price target will be where the Weis volume indicator is on the daily chart.
I will re-enter in the same direction on H1 until the daily bar shows a reversal My MM exposure will be no more than 1 microlot per $50, or an amount that will keep me above 1000% margin.
In this case I need to drop as many trades as possible to keep it there.
It's possible that the account could be wiped out by a major move like a chf event or something, but I just wanted to see how effective it would be to trade in the simplest possible way.
Please feel free to contribute any similar thoughts or experiences.
I am in no way trying to promote this trading method, just stick with it and see if we can make it work.
For my serious trading, I prefer to stick to scalping.
I don't follow the normal "rules" of MM (S/L, BE, trailing stops, win/loss ratios, etc.). In some ways I'm just winging it to see if it's possible to succeed purely based on experience and probability, using only PA and volume.
Over the years I have tried all the "suggested" rules and failed, eventually settling on a simple scalping technique that has proven successful so far.
I started another thread about this https://www.forexfactory.com/showthread.php?t=698542
Since this was purely an experiment I didn't want to risk a lot of money, but I believed that for many reasons the real results would only come from a real account, so I deposited $300 in a subaccount and attached TE
Very simple, involving daily support and resistance levels, and entry based on H1;
I would not use any stops, and I think some trades may see significant retracements. I would only look for opportunities to abandon the trade if S or R were broken, it might provide an opportunity in the opposite direction. I will maintain my own MM model to compensate for this.
I will be using a bare chart where the only indicator is a cumulative volume based indicator called Weiss Wave.
This is the current daily chart of AUD/USD.
You can see that I inserted a line marking the daily resistance. This line is placed where price falls without revisiting.
You can see heavy buying approaching the line that indicates long trade unloading.
If we switch to the first half of the year, we see the same scenario, along with bearish price action.
The entry point will be at a point near the retest pending or market line.
My price target will be where the Weis volume indicator is on the daily chart.
I will re-enter in the same direction on H1 until the daily bar shows a reversal My MM exposure will be no more than 1 microlot per $50, or an amount that will keep me above 1000% margin.
In this case I need to drop as many trades as possible to keep it there.
It's possible that the account could be wiped out by a major move like a chf event or something, but I just wanted to see how effective it would be to trade in the simplest possible way.
Please feel free to contribute any similar thoughts or experiences.
I am in no way trying to promote this trading method, just stick with it and see if we can make it work.
For my serious trading, I prefer to stick to scalping.
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