Simple Trade Setup for Beginners for Day trade
Put three Horizontal Lines after opening.
These are calculated by various ways like Standard Deviation /ATR / Pivot points etc (I use algorithm)
1. Buy Above price in green
2. Open Pricee in blue(actual value)
3. Sell Below in red
Second Set of Horizontal Lines
3 Targets of Buy in dark green
3 Targets of SELL in dark red
Place the Trend change timings as vertical lines (before market)
Price chart in Heikin Ashi 1min or 5 Min based on comfort.
Super trend (7,3) on top of this chart
Use the Standard Pivot points (use shaded and not just lines)
If we are on Positional SELL then put a line for BUY reverse number differently as this may be strong resistance/Support
If we are on Positional BUY then put a line for Sell reverse number differently as this may be strong resistance/support.
Things that worked for me.
1. Observe the market action of previous 3-4 days/1 week on the response to these horizontal price lines added.(before market open)
2. Make a note of 15/30 min Super Trend for Resistance/Support levels (before market opens and later as well)
3. Don’t trade in first 30 mins of opening and allow market to stabilize.
4. Not gaining Money is better than losing money and just HOPE is not a strategy.
5. No trade with high leverage /borrowed money and Psychology plays VITAL role in trading.
6. Big Traders try to trap retailers frequently by sudden sell /Buy in big volume to create false trend but Math’s can identify it!.
7. If open price is acting as support then Market tendency is to move UP and if the Open price is acting as resistance then market tendency is to move DOWN.
8. Simple trend lines will give a good amount of information on a 15 min Heikin Ashi chart.
9. Believe in use of Mathematics and Statistics along with any parameter that supports it in consistent manner including Astrology works better.
10. Prepare mentally before a trade. Keep calm, stick to a plan (prepared before trade starts) and no flip flop during trade.
11. Invest time to read about (Standard deviation-Mean-Probability-Skew/volatility/Fibonacci/Heikin Ashi).
12. Price always follows a predictable (yes!!) pattern (identified by Polynomial equations) and everything is scripted by large players.
Put three Horizontal Lines after opening.
These are calculated by various ways like Standard Deviation /ATR / Pivot points etc (I use algorithm)
1. Buy Above price in green
2. Open Pricee in blue(actual value)
3. Sell Below in red
Second Set of Horizontal Lines
3 Targets of Buy in dark green
3 Targets of SELL in dark red
Place the Trend change timings as vertical lines (before market)
Price chart in Heikin Ashi 1min or 5 Min based on comfort.
Super trend (7,3) on top of this chart
Use the Standard Pivot points (use shaded and not just lines)
If we are on Positional SELL then put a line for BUY reverse number differently as this may be strong resistance/Support
If we are on Positional BUY then put a line for Sell reverse number differently as this may be strong resistance/support.
Things that worked for me.
1. Observe the market action of previous 3-4 days/1 week on the response to these horizontal price lines added.(before market open)
2. Make a note of 15/30 min Super Trend for Resistance/Support levels (before market opens and later as well)
3. Don’t trade in first 30 mins of opening and allow market to stabilize.
4. Not gaining Money is better than losing money and just HOPE is not a strategy.
5. No trade with high leverage /borrowed money and Psychology plays VITAL role in trading.
6. Big Traders try to trap retailers frequently by sudden sell /Buy in big volume to create false trend but Math’s can identify it!.
7. If open price is acting as support then Market tendency is to move UP and if the Open price is acting as resistance then market tendency is to move DOWN.
8. Simple trend lines will give a good amount of information on a 15 min Heikin Ashi chart.
9. Believe in use of Mathematics and Statistics along with any parameter that supports it in consistent manner including Astrology works better.
10. Prepare mentally before a trade. Keep calm, stick to a plan (prepared before trade starts) and no flip flop during trade.
11. Invest time to read about (Standard deviation-Mean-Probability-Skew/volatility/Fibonacci/Heikin Ashi).
12. Price always follows a predictable (yes!!) pattern (identified by Polynomial equations) and everything is scripted by large players.