Hi,
Thought id pass on my system, its called Ikon because i was a director of a electrical contractors called Ikon and always liked the name.
So here goes.
The basic premise is as follows, ive noted that systems etc fundamentally work only around certain periods of market actions, thats why indicators etc only work as well in certain periods. So i altered tinkered with these to form part of how i trade.
Then i applied certain rules from systems that i thought were prevalent.
Finally i use chart patterns.
You get very little information direct time unless you pay!
For trading the indices the dow, i use the symbol DIA.(Diamonds Trust)
This is a share which mirrors that indices, i get volume etc and utilise this to enable my trading on the dow to be better informed, also it does at times be a precursor.
I would also recommend anyone starting, to position trade then move on if they wish to daytrading.
To comprehend my trading i made a trade sheet, to compliment and remind myself of items i missed when previous trade had losses and i back checked to study wat i could learn.
On the trade sheet, i show the following:-
Price now,Pivots, Previous high/low, darvos top bottom price (3-day high low),Previous resistance/support prices and fibs.
Also if i enter i note my stop price (every trade i do has)
Some of the above information on a sheet helps you better place your stop.
I track only 11 items to trade.(time being the major factor)
To choose the items i first looked for shares indices that had a 150 point 15 day average High/Low.
(now im familiar to the method i can reduce that)
A basic stop if not using a price on the sheet is i multiply the price by 0.008. Then add or subtract to value for price.
If im in a trade i also note the 15 day/week average High/Low divide by 2 and note that, as a possible exit price.(I use 15week if position trading)
So ive got the exit price organised,stop price organised, my trade sheet set, now entry!
I choose setting on indicators that hopefully cover the noise and smooth out, so if im position trading or daytrading,
i would look for a chart pattern breakout for entry, coupled with W% in oversold/overbought areas - MACD Hist with 2 Lines indicating cross into
poss/neg areas.
Also Full stochastic crossing in same areas.
I then reduce my time candle settings to catch any reversal early.
Basically thats it, the real keys for myself were the trade sheet and utilising the chart patterns.However entering every trade with your stop level, poss exit level known and using chart patterns for exiting, smooth the mind problems i find when trading.
Im still a electrical contractor and thought id post this on the forum because, its from such posts as this i learned something going forward to help my trading and still do!!
Also I shall if possible post trades.
Best Regards
Darren
Thought id pass on my system, its called Ikon because i was a director of a electrical contractors called Ikon and always liked the name.
So here goes.
The basic premise is as follows, ive noted that systems etc fundamentally work only around certain periods of market actions, thats why indicators etc only work as well in certain periods. So i altered tinkered with these to form part of how i trade.
Then i applied certain rules from systems that i thought were prevalent.
Finally i use chart patterns.
You get very little information direct time unless you pay!
For trading the indices the dow, i use the symbol DIA.(Diamonds Trust)
This is a share which mirrors that indices, i get volume etc and utilise this to enable my trading on the dow to be better informed, also it does at times be a precursor.
I would also recommend anyone starting, to position trade then move on if they wish to daytrading.
To comprehend my trading i made a trade sheet, to compliment and remind myself of items i missed when previous trade had losses and i back checked to study wat i could learn.
On the trade sheet, i show the following:-
Price now,Pivots, Previous high/low, darvos top bottom price (3-day high low),Previous resistance/support prices and fibs.
Also if i enter i note my stop price (every trade i do has)
Some of the above information on a sheet helps you better place your stop.
I track only 11 items to trade.(time being the major factor)
To choose the items i first looked for shares indices that had a 150 point 15 day average High/Low.
(now im familiar to the method i can reduce that)
A basic stop if not using a price on the sheet is i multiply the price by 0.008. Then add or subtract to value for price.
If im in a trade i also note the 15 day/week average High/Low divide by 2 and note that, as a possible exit price.(I use 15week if position trading)
So ive got the exit price organised,stop price organised, my trade sheet set, now entry!
I choose setting on indicators that hopefully cover the noise and smooth out, so if im position trading or daytrading,
i would look for a chart pattern breakout for entry, coupled with W% in oversold/overbought areas - MACD Hist with 2 Lines indicating cross into
poss/neg areas.
Also Full stochastic crossing in same areas.
I then reduce my time candle settings to catch any reversal early.
Basically thats it, the real keys for myself were the trade sheet and utilising the chart patterns.However entering every trade with your stop level, poss exit level known and using chart patterns for exiting, smooth the mind problems i find when trading.
Im still a electrical contractor and thought id post this on the forum because, its from such posts as this i learned something going forward to help my trading and still do!!
Also I shall if possible post trades.
Best Regards
Darren
