My 4h/Daily Trade system - MT4/MT5 resources
Hello everyone,
This is my first time posting a system, first of all, sorry for my English.
I'm a part time trader and I don't have enough time to trade 15m/1h tf, so I'm trying to find a system that will work on 4h-day tf. What I'm looking for is a system with conservative signals and I want to make some trades with a lot of potential and probability of success.
I've been watching videos and seminars from different professionals over the last month, and I found David Elliot's videos and seminars on technology very interesting, and Steve Nison's and Al Brooks' videos and seminars on price action, and I said, why not mix the three?
I've been working on this mix for the last month and it's working really well.
What we need from this system:
- The first and more important one: S&R + trend analysis. My first step is always to open a chart, look at the 1 day tf, zoom out, identify the major S&R and determine if we are in a range or trend.
- The second one is from David Elliot, I added a SOAP system to the chart which will be on the same chart Stoch (8,5,5) Stoch (17,3,3) and RSI(2). This gives me a quick signal, which I'll explain later.
- As a third tool I use the TDI indicator, which provides security for my entrance
What else do I use? I use SMA 200, from David Elliot, I also use the MOBO system with BB (10, 0.8) and sometimes I also use the support of Fibonacci ratios for possible TPs. As a final indicator and final confirmation, I do use CCI.
How do I proceed?
As a first step, I analyze the charts on the daily time frame, look at the chart I want to trade, and then select a chart close to a support or resistance level, or within a range if I want to scalp. Then I draw my supports and so on...that will be my first step and then I know what I will trade in each of them.
Then I add my indicators: Stochs with RSI and TDI.
My first and most false signal would have been the RSI (2) on the Stokes chart. This is the fastest signal, but some are right, so how do you identify the good ones? I check the Stokes cross. For example, for buy: If Stoch 8,5,5 crosses stoch 17,3,3, and RSI 2 crosses the 50 line, then I have the first potential signal to buy (remember always in a good "price action" situation) in this case, at support or the bottom of the range. In the short term, the opposite is true.
Then I look at TDI, in the same example: TDI should cross red over green and close to the lower BB, as I said, I want to trade safely, so if the cross doesn't get close to the lower BB, I don't get a buy trade (the opposite is true for a short position)
Then we have three confirmations. We are at support and our stock is sending us signals, which the TDI confirms, as does our fast RSI(2). Sometimes I use CCI as a third confirmation. Then we make a buy trade.
For S/L and TP I use some PA strategies like candle tail for S/L or last wave for TP... Regarding R: R is more personal. But U can also use the Fibonacci function as a TP or target. I usually use 50% retracement as the first target, and 61,8 or the second target, but always if the progress is confirmed by a good candlestick progress (no doji, no evening start...etc...)
As an S/L I recommend you use candle tails or resistance or support levels.
Usually TP will be around 60-100 points, and S/L should be around 20-25.
I will post photos of my trade.
Let me answer your questions! !
This is my first time posting a system, first of all, sorry for my English.
I'm a part time trader and I don't have enough time to trade 15m/1h tf, so I'm trying to find a system that will work on 4h-day tf. What I'm looking for is a system with conservative signals and I want to make some trades with a lot of potential and probability of success.
I've been watching videos and seminars from different professionals over the last month, and I found David Elliot's videos and seminars on technology very interesting, and Steve Nison's and Al Brooks' videos and seminars on price action, and I said, why not mix the three?
I've been working on this mix for the last month and it's working really well.
What we need from this system:
- The first and more important one: S&R + trend analysis. My first step is always to open a chart, look at the 1 day tf, zoom out, identify the major S&R and determine if we are in a range or trend.
- The second one is from David Elliot, I added a SOAP system to the chart which will be on the same chart Stoch (8,5,5) Stoch (17,3,3) and RSI(2). This gives me a quick signal, which I'll explain later.
- As a third tool I use the TDI indicator, which provides security for my entrance
What else do I use? I use SMA 200, from David Elliot, I also use the MOBO system with BB (10, 0.8) and sometimes I also use the support of Fibonacci ratios for possible TPs. As a final indicator and final confirmation, I do use CCI.
How do I proceed?
As a first step, I analyze the charts on the daily time frame, look at the chart I want to trade, and then select a chart close to a support or resistance level, or within a range if I want to scalp. Then I draw my supports and so on...that will be my first step and then I know what I will trade in each of them.
Then I add my indicators: Stochs with RSI and TDI.
My first and most false signal would have been the RSI (2) on the Stokes chart. This is the fastest signal, but some are right, so how do you identify the good ones? I check the Stokes cross. For example, for buy: If Stoch 8,5,5 crosses stoch 17,3,3, and RSI 2 crosses the 50 line, then I have the first potential signal to buy (remember always in a good "price action" situation) in this case, at support or the bottom of the range. In the short term, the opposite is true.
Then I look at TDI, in the same example: TDI should cross red over green and close to the lower BB, as I said, I want to trade safely, so if the cross doesn't get close to the lower BB, I don't get a buy trade (the opposite is true for a short position)
Then we have three confirmations. We are at support and our stock is sending us signals, which the TDI confirms, as does our fast RSI(2). Sometimes I use CCI as a third confirmation. Then we make a buy trade.
For S/L and TP I use some PA strategies like candle tail for S/L or last wave for TP... Regarding R: R is more personal. But U can also use the Fibonacci function as a TP or target. I usually use 50% retracement as the first target, and 61,8 or the second target, but always if the progress is confirmed by a good candlestick progress (no doji, no evening start...etc...)
As an S/L I recommend you use candle tails or resistance or support levels.
Usually TP will be around 60-100 points, and S/L should be around 20-25.
I will post photos of my trade.
Let me answer your questions! !
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