Still pretty new and getting the hang of this, trying not to lose all my money. Wondering what does goto setup look like? Are you looking at just one chart for a particular stock/contract or several? Which time frames and what indicators are you actually basing your decisions off of? I'm using the usual stuff such as price action, support/resistance, fibo levels, MAs/EMAs, and I like the TTM squeeze - but overall still feels like way too much "gut", not to mention not being profitable. I'm trading 1-2 ES contracts at the moment. Still working on the basics, thanks in advance for the tips.
welcome to the party. likely no two trader's 'goto setups' are the same. What would you say belongs in a solid trading plan? Discussion https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-4#post-5031706 https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-2#post-5011924 ...in the spirit of starting simple and working out from there... "Trading the 4 Hammers and Engulfing Candle at *Support & Resistance*" might have something that resonates with you and your timeframe. https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575 A ton of noteworthy characteristics of trading will unfold from simple candlesticks, or double tops, etc. Things will get complex as a matter of course quickly enough, lol. Keep a sidebook to log your notes on paper. Break a Leg ymmv some Double Tops 1: 1, maybe they are right? https://elitetrader.com/et/threads/charts-for-no-reason.344272/page-6#post-5143074
Keep it simple. What happened yesterday? What happened this morning? What were the highs, lows, opens and closes? Master that for the right instruments, and you won't need anything else. Good luck.
Absolutely essential to be able to recognise and qualify trends. MA's help in this, especially across higher time-frames than your strategy's.
From your asks, it is clear you are new to trading and new to forum. No winning trader will reveal his/her goto setup in an anonymous forum to an anonymous new poster. The experts will discuss general approaches, general trading philosophy, general methodology, everything general and let us figure out the specifics and details that are appropriate for us. I can tell you what did not work for me: day trading and TA. But they work great for some experts, like @murray t turtle, who I admire, had successes with 200 DMA for example. What works for me is swing trade options. Welcome and good luck.