I made a video describing how I analyze the charts and take my trades and here it is:
This is more than just a strategy because it requires some charting experience.
I call it Okane's Price Action Strategy because we want to find out what price does, where it is going and is
more likely to bounce. These are some of the details I look for in my trading. Of course, candlesticks and other patterns
are as important.
But everyone has a different opinion about what price action is, so that's why I call it "Okane's Price Action" and not just
Price Action. So no need to nag about this being PA or not. It is making me money so I don't care!
I use two moving averages, EMA 200 and SMA 50 (SMA 50 is the same thing as EMA 99).
I also use Stochastic Oscillator, 5, 3, 3 level 80/20.
The most important part is the analyzing itself, identifying strong support and resistance areas and
confirming the trend (short term and long term trend).
The time pattern is another important rule. I have traded EUR/USD for a year now and as a result
I have recognized certain reoccurring patterns such as the time pattern. Usually there is a
retracement around XX:00 and XX:30. If this happens with other pairs as well and as often I don't know.
That's up to you to find out. I only trade EUR/USD, at least 99% of my trades are on EUR/USD.
It is hard to explain everything in text so please watch the video, I suggest you watch it at least
a few times before asking questions because some details are harder to realize the first time.
So check it out and also check my diary in the trading journal's room for more examples.
Questions are welcomed!