Following the last post, Now I want to share about the edge. Traders wants to find out that in all they searching and waiting for called signal or time to enter the market. I thing this is hard for the first time but know i understand that i , myself , made that difficulties. That is my focus intention. Before I can recognize that i always busy to find the right combination of indicators, then combining with time frames plus hard waiting sat on my hot chair with no Aircon. and so on . So I forget the most things that is : Trade. As simple as sell and buy when price is right on each side. And I want to share what I always do to find the edge.
My analysis target is to find battle of buyer and seller. That is consolidation !!! BUT.... BUT. again BUT- the consolation after the clear trend
1. : I open the big time frame Monthly, Weekly and the last Daily.
2. : I will find the candles which is describes like zebra cross ( my candle color set up is black and white) . and that is the consolidation
3. and after that i want to find out in the smaller time frames , my position with THE SAME DIRECTION WITH THE TREND. It is means i have to find the most probably reversal. In this part I use Fibonacci, maybe Murray math or the neck combine with the reversal candle----( this means sell on high or buy on the depth) and also called the low risk position.
4. After I found that number i count the money management. I set up (But in my mind only not on the desk) the risk ( which I have to make stop loss ) and target. I wait/ baby siting my position
5. the most before i push the button is arrange my trading psychology. Collect the brave heart and let the heart cool with anythings can happens and then......... PUSH the button
6 wait and see and the next I things you can mention yourself.......
7. happy with anythings else and prepare for the next position.
oke Friends until now i still not give you the picture yet. promise i will... until my explanation is done.
God Bless You.