How to trade with no more than 5 confirmations.

my operative.

1. ROI level:

With this indicator I can review any pair and automatically know whether to do the technical analysis or not, to enter purchases I look for the rsi be between 40 and 20 (the closer to 20 the better), to enter purchases I look for the rsi be between 60 and 80 (the closer to 80 the better).

2. Price structure:

I generally look for price to be moving within a channel, wedge, or some type of triangle.

3. Support, resistance and reversal zones:

It is enough to review the previous support, resistance and reversal zones within a range which will serve to identify possible setbacks and take profit or stop loss zones.

4.Spike:

If when we touch the floor or ceiling of the price structure we identify a spike or wick, it means that the market makers were present at those points, taking the stop loss. If at the close of the candle the price remained within the price structure forming a possible hammer is very good confirmation, we could wait for the next candle and wait for a hanging man or a doji to be safer.

5. Volume:

With the volume we can identify the strength of the offer and demand, since if we observe weakness in the purchases it is a good point to sell and if we observe weakness of the sellers we can buy.

Advice:

Only trade if your analysis profit is 2 to 1 (and up) you can usually earn 30 to 100 (sometimes more in some cases) pips with this strategy by risking 5 to 10 pips of stop loss (maximum twenty). Ideally, the risk should be minimal.

I generally trade on a one-hour timeframe, but for technical analysis I start by enclosing the price range on a one-week timeframe, then in four and two hours I look for the price structure (wedges and channels).

As they say out there, there is no 100% effective strategy, so there will also be losses, the important thing is how the week or month ends, depending on how you measure your profitability.

The lottery:

0.01 for every 50 usd.

The goal:

20% weekly or 5% daily.

Place the stop loss at brake even or entry price if your trade is adding at least 30 pips.

If you meet your goal, close partials (only if you see that the price can be returned according to your confirmations), not all trades reach take profit.

If you lose a trade, do not insist on re-entering or doing a revenge trade where you put the same operation with more lottery, for me one operation per analysis is enough. And if I lose it, another day will be, the market is always giving opportunities.

If you cannot control your emotions, train more in psychotrading.

Do back testing and perfect your strategy, choose a pair and scratch the screen with your strategy marking your possible entry points, if you win check why you won and if you lose why you lost, you always learn a lot from the losses since you will know what you shouldn’t do or what you missed, maybe you lost by skipping one of your commits.

See you at the top!

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