By Author : In this trading strategy we don’t use a whole lot of indicators and when we do use them,
it’s more for confirmation of the main system. These will include the following:
Stochastic Oscillator: 21, 3, 3
Donchian Channels: Custom Indicator with Default Settings
The Bill Williams Awesome Oscillator
Bill Williams Fractals
The main idea behind this trading method is using Elliott Waves with Fibonacci
Expansions and retracements along with Fractals.
Usually Elliott Waves are used to trade large swings in the market, but we will use it for
intraday trading by following the big picture (trend) from the daily charts.
Now, it’s important to note that the two most important psychological factors are
patience and fear. We can make a substantial amount of money by trading the larger
swings on the daily charts, but those can take two to three weeks to complete a third
wave and it’s pretty taxing to be sitting in a trade for that long and experiencing large
pull backs several hundred pips wide. We’ll stick with intraday trading for now.
By Toshko Raychev
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