Had a few requests to share my chart setup, so feel free to make this chart yours and save the template.
Indicators used:
1) Ichimoku to get an idea of general trend direction and key support/resistance levels.
2) Directional Movement Index to get an idea about trend strength.
3) Candlestick pattern indicator (hammers, etc.) for confirmation. Tbh, you don't really need it.
That's all I use for trading forex, oil, gold and CFDs. Same setup for all of them. Works for stocks too.
The daily charts give me my overall trend direction. If DI+ is above DI-, you can't go short...and vice versa. I use custom settings giving me the monthly DI trend on the daily charts...and the 8hr trend on the M15 charts where I time my entries.
Exits are based on the trend changing on the daily timeframe. I set trades to BE if they survive the day and then simply try to keep 'em going until momentum changes. No fixed TP.
Just shout if you have questions...
I also recommend this if you're even remotely questioning whether longer term trades are worth it or not: www.forexfactor.../showthread.php?t=245149
For those who don't know Ichimoku, read this: www.kumotrader...._wiki/index.php?title=Main...
I only use part of the Ichimoku indicators though ;)
Indicators used:
1) Ichimoku to get an idea of general trend direction and key support/resistance levels.
2) Directional Movement Index to get an idea about trend strength.
3) Candlestick pattern indicator (hammers, etc.) for confirmation. Tbh, you don't really need it.
That's all I use for trading forex, oil, gold and CFDs. Same setup for all of them. Works for stocks too.
The daily charts give me my overall trend direction. If DI+ is above DI-, you can't go short...and vice versa. I use custom settings giving me the monthly DI trend on the daily charts...and the 8hr trend on the M15 charts where I time my entries.
Exits are based on the trend changing on the daily timeframe. I set trades to BE if they survive the day and then simply try to keep 'em going until momentum changes. No fixed TP.
Just shout if you have questions...
I also recommend this if you're even remotely questioning whether longer term trades are worth it or not: www.forexfactor.../showthread.php?t=245149
For those who don't know Ichimoku, read this: www.kumotrader...._wiki/index.php?title=Main...
I only use part of the Ichimoku indicators though ;)