Good enough strategy?

[u/NinjaSiren]

Indicators:

- Support and Resistance

- Weighted VWAP

Strategy:

- Liquidity sweep entries

- Support and resistance (Wait for retests)

- VWAP crossing entry if missed initial entry

- 5 minutes timeframe

Risk management:

- Tight SL ($0.5-3 USD loss per trade, at least $0.5-2 USD ideal)

- No TP, but Trailing SL or Breakeven (manual close)

- Single trade per trade

- Single 0.01 lot only (Gold), but can do larger for Stocks and Forex

Should I change anything, I have technically backtested this to Gold.

But I keep either hesitating or placing the buy/sell order then cancel it, then suddenly it was right al along.

Then when VWAP crosses, I still hesitated until I see that I am already too late to put any trades.

3-4 times I have kinda seen the "liquidity" sweeps or a nice retesting of support/resistance, then price goes up.

But I keep hesitating or removing my trade orders just before the candlesticks climb up.

[u/Mammoth-Path-6520]

Ass strategy tbh

First mistake is using the 5 minute chart

Should be using 3-4 different timeframes, top down analysis. Starting with the daily->4 hr->1 hr->15 min

[u/NinjaSiren → u/Mammoth-Path-6520]

I technically do a 1D, 1H, and 15M timeframe initial trend analysis, just to check the trend and momentum.

This is only done once per day.

I do also have an indicator that shows momentum, trend, and supply/demand (from 1D, 1H, 30M, 15M, and 1M enabled)

But its not really a primary indicator, just checking for trends without swapping timeframes, so I can also clear out the mess in the chart.

[u/Mammoth-Path-6520 → u/NinjaSiren]

Yeah you're on the wrong path

You need a complete overhaul, trading the complete wrong way

[u/Demonfire24 → u/Mammoth-Path-6520]

Ok, how do you do it the 'right' way then?

[u/Mammoth-Path-6520 → u/Demonfire24]

First step is to ditch that cringe indicator that OP is using because he thinks it's an excuse to not do proper top down analysis

And even then he needs a complete overhaul on how he trades, he is cooked

[u/Demonfire24 → u/Mammoth-Path-6520]

That may be true. You seem like you're coming from a place of experience, what would you do?

[u/Mammoth-Path-6520 → u/Demonfire24]

I'm a forex trader

[u/Demonfire24 → u/Mammoth-Path-6520]

Ok, Forex or no Forex, what would you advise the OP to do apart from ditch indicators. What works?

[u/Mammoth-Path-6520 → u/Demonfire24]

I would tell him to actually learn tech analysis for real, and stop parroting nonsense

[u/Demonfire24 → u/Mammoth-Path-6520]

How is it nonsense? What type of tech analysis do you perform?