My Own Made Trading System

[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.

 

[Enivid]

It looks like you are trying to combine too much of everything at a time. Try to keep your trading ideas as simple as possible (1-2 indicator or even bare price action) and concentrate on proper risk management. For example, switching to higher timeframes to minimize transaction costs.

 

[Easy Trader]

First off I'll commend you on not blowing out your account, this is a HUGE! You are on the right track.
2nd, you must realsize that you can not create something bullet proof. This is what you are trying to do with all of the analysis.(I know) I did this 'exact' same thing, but its good that you are doing it because it means you are trying to find TRUE success.
Keep your risk% the same while in the research/development phase. You will be able to monitor your system easier.
I don't like pivot's in forex, I don't think they are reliable/ its a futures market tool.(IMO)
RSI/B.Bands are showing you the same thing O-sold/bought, pick one. (RSI IMO)
Alligator is useless, the indicator is to lagging for what your doing.(IMO)
Use MACD/RSI divergence with your D-tops/bottoms, but don't use it as entry criteria only supporting criteria.
MOVE YOUR TIME FRAME UP!(I know you don't want to hear it) Trade the 30M or 1H and watch the 1H/4H/D. This is the most important nugget in this whole post.
Watch exotics there are tons more great opportunities out there, once you move your TF up the spread doesn't matter. Watching one chart is crazy(IMO) its liketrying to successfully trade Apple stock everyday on a 5m timeframe, impossible to do long term.
You are pretty much where I was 5 years ago, what happened to me was I slowly stopped using certain indicators as my confidence grew and eventually took them off my chart only using 1-2 occationally. I can send you personal vids on PA pointing out specifics and behaviors if you like I know that most material out there on PA is very vauge.GOOD LUCK I think your on to something!!!