My preferred platform is Multicharts although I would be open to using a platform that is not Microsoft dependent going down the road - I find that Microsoft is becoming more and more intrusive and I would like to be able to use Linux - however that is for another discussion.
One of the features that I enjoy the most with MC is the icon based method of placing an order combined with exit strategies. However when these are entered on a trade I will always adjust the stops and targets based on levels of support and resistance. Using the drawing tool I will add these levels as horizontal lines and judge the number of contracts that I enter based on where my initial stop will be, in order to keep my maximum loss within my max risk per trade. Then depending on the number of contracts, I will look at the first target at just above the next support for a short trade or just below the next resistance for a long. Normally that will be 8 - 12 ticks from the entry otherwise it will not be worth trading. After this first target is filled I will aim to minimize the risk on the trade by adjusting my stop to as close to break even as possible, and then use support and resistance levels as targets.
Regarding indicators there are only a few that I seriously consider - there are two oscillators that I have imported into MC and rewritten in order to provide a more specific visual - I have found that CCI crossing the zero line with input parameter of 14 is a pretty fair indication of direction when combined with another of my favorites - ZScore(20) when it crosses its zero line - ignore these two crossing the zero line at the same time at your peril ! ZScore is readily available on the internet so you shouldn’t have any trouble finding it. The only other that I pay any attention to is the good ole 34 ema that I have modified to reflect different colors depending of the direction.
That’s it - I keep the chart as clear as possible - the most important thing is to see the price action and anything that distracts from that needs to go. If anyone needs any clarification I’d be happen to provide some more details. Now for some more coffee - its still early on the west coast. Safe trading everyone.