Notes from Forex Bootcamp 31st March-1st April

We covered:

  • All strategies
  • Price Action – bullish, bearish, indecisive
  • Cyclicity- swing lows, swing highs
  • Stop and profit management
  • Risk management – maybe also advanced IG’s
  • Horizontal levels- round numbers – 1.3500, 1.3000. 1.0000
  • Timeframe correlation 5, 15, 30, 60, 120, 240, 480, 960, D, W, M
  • Trade plans
  • 6 human needs
  • MACD, RSI, Stochastics divergence
  • Fibonacci levels, pivot levels
  • Trade checklist

Sidenote comments: Convergence/Divergence, much more useful when waiting for indication of expected reversal of trend- used by master traders to trade reversals. Trend line – only temporary, and useful to identify trend channels, and only for as long a they last. Trendline is drawn on extremes, with at least 2 touches, probably 3. I use a best-fit approach.

General Income Generator Notes

Trend trading strategy, works by identifying P2 pullbacks/retracements

The indicator creates signals by: Identifying trend direction, using 5&20EMA’s. 5/20 is uptrend, and 20/5 is downtrend.

Identifying P1 or P2 using envelopes around the 5EMA.

 

DEVELOP YOUR OWN TRADING PLAN

1. Markets/charts to be traded e.g. Stocks, Forex, Commodities (Anything that’s trending, liquid, with decent spreads)

2. Timeframes on charts to be traded e.g. Daily, 960, 480, 240, 120, 60, 30, 15, 5

3. The hours you will trade- e.g. 5am-9am, after 9pm, or before 7am.

4. Trading strategy:

Definition of a strategy; a description of the conditions required to enter, manage and exit a trade.

e.g Sniper short: when price is below the 50EMA on Daily, 240, 60min, then enter short live when price touches the 50EMA on the 5min timeframe, with a stop of 20 pips, and a target of 20 pips. All time frames, must be trending nicely, and in phase 1. Before entering, check that price is not too over-extended on any of the higher timeframes, or in phase 2.

5.Risk management: Maximum 1% per trade, but if a series of losses occurs, to improve my emotional resilience, I will reduce risk per trade down to as little as 0.25%

6. Stop management

7. Target/Profit management

 

Trade checklists: PIVOTS (1:0.5 -> 1:2.5)

1. Trend in place (Optimal chart structure)

2. Higher timeframe 60, 240, 480 at least, 960, Daily, Weekly, Monthly bonus PIVOT

BONUS points:

– Daily, 480, 240, 60 is just starting phase 1- means lots of room to run.

– Price action, high-test, low-test, inside bar, outside

– Break and retest S/R (Round number extra)

– aligns on top of monthly and/or weekly pivot.

– Fib level S/R – Moving S/R 20/50 EMA

Stop management – place stop as close as possible, while protected by moving averages, fib levels, S/R levels, other pivot levels, price action. Once triggered, leave to run, unless multiple rejections of some S/R level before your target.

Profit taking/management – Leave to hit target, or close if clear resistance level has appeared.

Optimal Pivot 01
Optimal Pivot 01
Optimal Pivot 02
Optimal Pivot 02

SNIPERS (1:1)

1. Trend in place (Optimal chart structure)

2. Higher timeframe in at least 3 higher charts e.g. 30min->240, higher timeframes in agreement, just more of a bonus.

3. Monthly is in agreement, with trend AND phase, is a bonus

SNIPER BONUS points:

– 240min is just starting phase 1- means lots of room to run.

– Price action, high-test, low-test, inside bar, outside

– Break and retest S/R against pivot or moving average (Round number extra)

– Fib level S/R – Moving S/R 20/50 EMA

– bonus if bouncing off cluster of MA’s 20+50

Stop management – 20 pips, do nothing.

Profit taking/management – 20 pips, do nothing.

Optimal Sniper 01
Optimal Sniper 01
Optimal Sniper 02
Optimal Sniper 02
Optimal Sniper 03
Optimal Sniper 03

INCOME GENERATORS (1:1 -> 1:3)

1. Trend in place (Optimal chart structure)

2. Higher timeframe weekly minimum

3. Monthly is in agreement, with trend AND phase, is a bonus

4. NB. NO trades against weekly trend direction!!!!

IG BONUS points:

– Weekly is just starting phase 1- means lots of room to run.

– Price action, high-test, low-test, inside bar, outside

– Big bonus is small candle/bar, smaller than average- better risk:reward

– Break and retest S/R (Round number extra)

– Fib level S/R

– Moving S/R 20/50 EMA

Stop management – place stop as close as possible, while protected by moving averages, fib levels, S/R levels, price action. Once triggered, only update to 5-10pips behind daily once bar/price has demonstrated a clear move and close away from the entry. Trail until stopped out.

Profit taking/management – Either close out when 1:1 target is hit, or take 50% off, or close out when key S/R level is hit, or close out if price does a big move and closes outside of outer envelope.

Optimal IG structure 01
Optimal IG structure 01
Optimal IG structure 02
Optimal IG structure 02
Optimal IG structure 03
Optimal IG structure 03

Items all the coaches agree on:

1. Price action – shape of bars/candles, trend.

2. Higher timeframe correlation

3. Horizontal levels as S/R

4. Fibonacci

Generally understood to be useful additions: Trendlines, Convergence/Divergence indicators, Moving averages, pivots

3 thoughts on “Notes from Forex Bootcamp 31st March-1st April

  1. Thank’s Ad’s FX Boot camp notes are really helpful enjoyed your MMF the other day helped jell what we covered in our coaching session .
    Sheila

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s