[pipsaholic]

Hi,

I hope someone more experienced can guide me to constructing a decent simple trading system.

I am an intra-day trader mostly trading 15 min timeframes on the Eur/Usd only. I look at the swissy and cable for correlations only.

My main trading analysis is based on previous supply and demand zones on the 4/1/30 min timeframes I look for confluences.

I go with the trend always. I use a point based rating system which I base my risk to reward ratio on. The more evidence I have to enter a trade the more I risk but no more than 3% of total account. I look for 2 profit levels 1 at 20 points and 2nd at 40 points moving my stop to breakeven after 20 points as capital preservation is my number 1 goal even if it takes longer to become profitable.

I wait for a rally in price and wait for a double top/bottom enter on a retest of the high/low's at the necklines and look for candlestick formations. I use Fibonacci cluster zones from the W/D/4/1 and also pivot clusters I increase/lower my risk when I see weekly or monthly pivots approaching price.

I use the 5 min chart to get a more precise entry/exit/stop price and warning for the 15 min timeframe. I use the 1/4 for the current trend look at the last few candle bars.

My arsenal of tools are: harmonics ABCD, Psychological Levels RSI, MACD, MA's, Trend lines, Pin Bar Reversals, Bolly Bands, Alligator.

I also use a couple other systems within my own strategy if they confirm if I add them on if they don’t I leave them. I use the Pip Accumulator with trend probability, Siddus System, SRS Trend Rider and Ultra Trend line system as extras.

I do not clog my chart up with all these indicators and price action points but keep them separate to make it naked as possible.

Personally, I like the idea of going total naked using support and resistance only, but it makes me shiver that I haven't done my analysis properly I am comfortable on the idea that there is a confluence/cluster zones rather than only S&R zones.

The only areas that I feel I can improve on is moving to the 4 hour charts I would like to, but I can't wait that long I would rather be stopped out in 1 hour than waiting 4 hours for a winner sorry but that's me.

I am reading as much as I can about price action and watching tutorials learning new things, but I am at my wits end about to pack it all in as it’s not working for some reason yet I have a glimmer of hope as my account is not blown up yet. I do get burnt out on most days with information tried to take a back step but trading is far too attractive to stay away the computer for a few days.

If anyone can add or erase anything that you feel will help my system feel free too as I am out of ideas.

Thanks for reading.

[Do Or Die]

OMG, those are tooo many rules.

More rules= more confusion= more bias= more stress= more losses.

Try premise based system design, start with a single rule/premise then add one by one.

For a very simple and single premise based system, follow this thread: http://www.traderslaboratory.com/for...tml#post133835

[SIUYA]

if you are getting good entries, then as a suggestion let it ride more. If you are trading with the trend then the EURUSD has fallen from anywhere in the mid 1.40s that you could have got on.....letting a few ride might make all the difference.
If your entries are so shit that this does not make a difference well then there is your answer.
You can go broke taking a profit.

[RealDemo]

Hi,
what session are you trading?

[khamore1]

Pipsaholic My arsenal of tools are: harmonics ABCD, Psychological Levels RSI, MACD, MA's, Trend lines, Pin Bar Reversals, Bolly Bands, and Alligator.
I suggest On Mondays use the Harmonic ABCD on Tuesdays use your Psychological levels RSI, on Wednesdays use your MA’s Trend Lines, on Thursdays use pin bar reversals on Fridays use the Bolly molly Band and the Alligator you can add a crocodile as well than on Saturday come back here and tell us how you did than I will give you more tips for next week

[profitsareking]

to khamore1:
This is not helpful to anyone

[koyasan]

This is what works for me........a clear typed trading plan which defines set up,trigger,entry,stop loss, profit target. My plan has 7 steps only and each step is described in max of 8 words so my plan is very specific and easy to follow. I use 2 indicators only (TSI and a Vol Indicator I have developed) and I trade Aud Futures on 15 min time frame.

The system must be profitable in backtesting and show acceptable drawdown and risk reward.....my system in an average week consistently shows profit of 125/250 pips with maximum drawdown of 7% and risk/reward average of 1:3 , number of trades approx 5 to 10 (yes for most of the time I am on the sidelines) and number of winning trades usually between 56% to 80% (in other words with proper money management my system has an edge). I do look at larger timeframes just to have an overal picture but I trade on one time frame only without reference to other currencies.

It has taken me 3 years to get to this point where I have distilled all my technical knowledge into a concise strategy that actually works. Technically my system is very complex but more importantly it is robust and easy to use and I think that is what you should aim for. Ask yourself this....Could you teach someone how to trade your system in less than an hour?.....until you can answer yes it's back to the drawing board..

Hope this helps..sounds like you have done all the hard work already......good luck.

[steveh2009]

Just a caution about trading plans. I saw some great ones back when I was learning the futures ropes in 2003-2004 in the Woodies CCI "Club". They all failed even though the discipline of many following their plans was done as well as humanly possible.

They all refused to see the obvious:

They were all so captivated by the personality of their "mentor", Ken Wood, that they failed to ever observe they were trading a losing system to begin with...until the trading account eventually told them the truth. It was a sad thing to watch because you had people in their retirement years with too much money available to comfortably burn before they could wake up from the crowd behaviorisms.

And the second obvious:

Their mentor wasn't even daytrading futures (the focus of "the club" to begin with) so he could stick around the whole time, collecting money from seminars / DVD's / website advertising / brokerage kickbacks while the actual traders became a revolving door of losers.

So sure, a trading plan is a nice way to help focus / discipline your trading efforts. But you have to have some decent evidence of a positive expectancy in what you're trying to do in the first place.

Word to the wise: Trade alone. No chat rooms, trading forums (while trading). This isn't a team sport. You will be at your best when you are alone with no one elses opinion to rely on but your own. Market intuition grows much faster based on self-reliance.