All of my trading involves swinging 4 hour signals and daily/weekly targets and goals . I dont need to be around to trade this way except for checking the candles a few times a day to manage positions when in profit or place orders .
What Ive been doing the rest of the time is waiting and I started assembling templates to trade intraday . What I am setting out to do here is to trade a seperate account for a goal of +2% a day (24 hr period) . Ill trade this in sim until I can capture that goal for 2 weeks straight then take it live from there . Ill also set a maximum daily loss of -2% , per session . That is if Im down - 2% in the london open session Ill step down and trade the NY open session fresh .
So thats 2 sessions that Ill trade (for now then maybe asian open) every day that Im available to do so and Ill document everything here as I go along . Ill evaluate range throughout the week because thats how Ill know when to avail myself and it will also enhance my other trading activities,Im a synergy kind of guy and when I can put 2 things together that are greater than the sum Im all for it .
Ill use indis for this that Im familiar with so what Ill need is something to measure the bias , pullbacks and continuations into the trend . So all Im focussing on is continuation trades / with the trend .
The tools list is on the chart here consisting of a channel for the trend and linear regression slope sfx for pullbacks and continuation signals . This stuff is available on the NT forum is its not here if anyone wants to set this up too . Ive had a chart set up with the LR slope tool for a few months just watching it and it fits me as a barometer for pullbacks and entries . On time charts its slow to enter and for this Im using range charts as I found the channel forms a smooth symbiosis with the price bars .
What Im looking for is reward first and entry second , whats in it for me .
1. Free bar = a price bar that breaks free of the channel , doesnt touch the channel .
2. Strong Pullback = LR drops zero for >1 bar .
3. Weak pullback = LR drops zero 1 bar .
4. Strong bullish mode (trend) = 2 consecutive free bars > channel .
5. Strong bearish mode (trend) = 2 consecutive free bars channel .
7. Weak bearish mode = 1 free bar