Forex Line Study

That is open for everybody to contribute to and there's loads of room for open critique. In spite of everything, the whole lot is admittedly, very easy in hindsight. This isn't my TE, however I'm hoping that if there's a good dialogue right here that it chilly slot into and assist filter out some dangerous trades, and result in some correct trades.

Nevertheless. There are some Guidelines to this thread so take heed.

1) Photos MUST comply with the template.
2) Photos MUST include 4hr in purple, 1hr in Aqua and 15 min in Gold- That is so EVERYONE can see the identical factor and it's simple to interpret. The colors are chosen as a result of they're simple to sort into the properties part to alter the color of the development and S/R strains. This can be a sensible purpose in addition to a visible 'all on the identical wavelength' purpose.
3) No berating others.
4) I'm not an professional. I take criticism so long as it's constructive. The thought is that we study collectively.
5) That is topic to alter, that is about rising
6) ANY picture MUST present reasoning. Posting a chart with out rationalization is pointless
7) exception to quantity 6... is when you find yourself in search of clarification... have I put S/R in the appropriate place, are my development strains right, is that this an OB, IB, Engulfing, Doji, Pin bar... not that these are (on the time of writing) necessary, however they might effectively fall into this research - they don't seem to be necessary fats the offset.
8) IF YOU POST TRADES, IT HAS TO BE WHEN YOU OPEN THE TRADE, NOT AFTER. THAT IS NOT IMPROTANT - IT BECOMES A BACK TEST
9) IF YOU POST A TRADE, YOU HAVE TO POST THE RESULT. HOW YOU MANAGED THE TRDAE AS WELL.

These final two guidelines are vitally necessary

Overview of the research:

The essential premise is that worth reacts round s/r and development strains. Figuring out the place to place these, and when to commerce off them is the largest difficulty.

I'm going to current in a collection of pictures how I draw these in and present the place I'd take the trades, and the way I'd take the trades. These are for illustrative functions solely. EVERYTHING is straightforward whenever you look again and say, that is the place I'd take them, and the place I'd not. I'm not hiding this truth. The aim of the research is to FORWARD take a look at. I invite EVERYONE who desires to, to open up a demo account of solely $500 (rationale can be defined later) and assist me ahead take a look at the research, and to enhance and whittle it down.

It's possible you'll agree, or disagree with this, and that's completely high quality. If you're in opposition to this concept, I ask that you just nonetheless participate within the research and try it out. I'm not saying that that is right, however I'm saying that there's some spooky issues that occur round these areas that may result in some unbelievable R:R trades (for the time being in hindsight, hopefully this research will ahead take a look at these)

I'm not in opposition to the concept of utilizing indicators to filter out trades, however this isn't a part of the research - for the time being. If you wish to suggest an concept, then please be happy and BACK IT UP with examples. We are able to all the time add it to the research.

All trades are taken off the 15 minutes chart, though I believe this might be modified to the 30 min or 1 hour charts if wanted, I've not checked out this, however in idea, this could work simply as effectively.

Commerce administration (for me)

I MUST have a SL and TP. When a commerce goes to 50% revenue, I modify to a BE commerce. That's simply me- commerce administration is an space the place we have to take a look at and take a look at some extra. SL are movable - ie, you possibly can simply say that the SL is static, 5 pips for example, or you possibly can put beneath/above S/R strains, or at Construction. (the S/R strains are at factors of construction in any case) or above/beneath wicks of the closest candle. All of it relies on danger.

I'm going to point out you methods to put your development strains an s/r in your charts.

Hooked up Picture (click on to enlarge)

Begin with the 4 hour chart and zoom out so far as attainable

Place your development strains on the chart in purple, as connected.

Then beginning on the highest level, place your resistance strains (that is any peak in your chart. They must be OBVIOUS. Don't be concerned about if there are the identical width aside, or if they're shut collectively or far... simply work your approach from the best level in your chart, and work to the appropriate. Then return from the left and fill in any help strains (I've pointed this out in blue, however the line remains to be in purple) Your chart ought to seem like this when totally crammed in.

Hooked up Picture (click on to enlarge)

Discover that on the chart, there's really solely 2 new strains added (help strains the place the lows occur)… might or not it's that they had been proper all alongside that Help turns to resistance, and vice versa?

UPDATE - Template added