Hello everyone,
I used to be a frequent user and not-so-frequent poster on Chartsview back in the iii days. In fact I used to visit the private bb many times a day and read all the posts.
Due to various reasons, like having a little boy and working a 2 hour each way commute from home my trading came to a standstill. I think the fact that I was having very limited success played a big part in me losing some interest as well.
Anyway...enough excuses. A question for anyone who may have any thoughts on the idea.
I'm not looking to day trade but trade based on daily or weekly charts. I have very little time and limited access to my trades during the working day so am looking for more of a "set and forget" trading strategy which can be altered (if needs be) every night.
i.e. set a buy/sell order, set a stop and limit, and adjust these if required like tightening the stop and adjusting the limit if needed.
What are your thoughts on a trading strategy.
I was thinking trade FTSE350 stocks.
Primarily on the weekly chart and maybe on the daily.
Scan the charts every night to see if there are any trades to be had.
I think the likelihood of TA working out would be more likely on the weekly....is that a controversial view??
I'm only looking to take a handful of trades a month...maybe 4 or so, so be picky with what trades I take rather than anything that might look like it's just okay, and take no trades if need be.
Looking to trade primarily off of support/resistance coupled with things like big numbers and fibs.
So no Elliot Wave, Ichimoku or P&F or anything else which will complicate things for me, and I'm thinking of getting rid of indicators all together as well.
Previously I used to have a chart with various indicators and profiles, so I used to view the same stoch on a number of differt charts with MACD, stochastic, Money Flow, Bollinger Bands, RSI, OBV and a handful of others.
I think you get the picture....I get the feeling I was digging myself into a hole and not using the indicators correctly, and making things more complicated than they needed to be.
Is it a good idea to go back to basics and just use the chart, with S/R, fibs and maybe a couple of MA's to look for trade ideas? I'm thinking yes.
Any thoughts welcome.
Thanks
DM