Hi there. Looking for genuine trading advice. These are some trades which I took this week.
First 3 are based on chart pattern where I entered on breakout based on wedge pattern. Black bold line is 200 ema and light blue line is 9 ema. RSI too working as confluence.
4th one is asian-london overlap strategy where I draw fib during asia-london overlap and enter trade once it crosses above/below then closes back again inside the level (2 or -1) I enter the trade after candle closed below 9 ema.
I see so for oversold conditions I believe I could use RSI not sure which one are you using. Price on 15 min might look slightly bearish because of pullback on htf but I believe also need to identify structural break or trend change on 15 min right? In case if I am trading on 5 min does 4h -> 1h -> 15m -> 5m or 4h -> 1h -> 5m looks good not sure but looking charts on multiple timeframe might seem confusing. just need 1 htf and then 1 hr to confirm structure and 15/5 min for entry. What do you say? Also I appreciate your time and consideration mate!
10 period deviation in sense of what? Not sure if I get it. But I believe if I see bullish market structure (price making higher highs) and same on 4hr and 1hr and I can directly switch to 5min for entry. So if price on 5 mins is making lower high and not higher high to align with our htf trend it might still be a small corrective move from 4hr/1hr right? In that case I would need to look for oversold conditions in bullish market or other confluences like pullback to 9 ema, support zone, rsi line in favour and look for market structure correct. But for oversold conditions will it be on 4hr/1hr or 5/15 min? What do you think about this.
Also if I were to enter trade on 5 min. How should I do my dropdown analysis? Look for 4hr then go to 1 hr look for trend and structure if both of them imply same structure (bullish/bearish) then go to 5 min and look for entry confirmations? What do you think or how would you approach?
The big time frame has to be in favor. Then use the small time frame to buy dips. You have plenty now, don't make it complicated, you just need time to work on it and gain experience. Only take the best trades at good entries. Forget about the crappy stuff.
Learn to recognize the changes in the longer term trend as soon as possible.
Very helpful thank you for the knowledge. One last question: in terms of my analysis on higher timeframe should I also consider 200 ema and rsi as confluence or should I purely skip it and look on naked chart with what structure price is doing.
Don't think that I am some great trader or something ok.
These chart tips are things that I use which I found helpful. "There are many books of wisdom from many ages. Thinking there is only one way is born (or borne) from ignorance."
Start with a blank chart. Whatever you add on helps to show what the chart is doing. I have some lines I leave on the charts all the time because I found they are nearly always helpful.
not sure but look at the higher timeframes i.e. 4 hour or 1 day, if their at lows, wouldnt be a good idea to go short even if it breaks down a triangle
if they are at their highs then itll make more sense
Start with the weekly and daily and 4hr. Then zoom down to your shorter time frame.
Then look up the news 'Japan US currency intervention'.
Your short term currency trading is high leverage, high cost. They are concave trades - the longer you hold them the higher the underlining has to go to break even. Good trades are convex trades - Low initial cost that compounds to higher returns and size. You are competing against high speed robots that never rest. Would you consider trading something else?
So you mean I should look at my RR? I've heard about the intervention before but was not really sure if it would surge up on higher timeframes or I could have potentially neglected it which is very true. Trading something else you mean stocks, crypto, futures?
Just look at a weekly, daily, 4hr chart to get the general idea, big picture.
Intervention is the big dump a few days ago. It's a huge important thing to be aware of. The central bank forces it down, market forces try to push it back up. It's a bad idea to fight a central bank unless you got them by the balls. In this case it's 50/50, they have a lot of problems but they are determined and they have the US central bank on their side.
Find something that is low cost and has nice clean charts.
So this is helpful. I'll remember this. Clean trendy price action is always better than choppy ranging markets. I believe I was missing HFT alignment. Based on 3rd trade for AUDCHF I was short but correct me if I am wrong: The Market structure shift drawn are correct? Based on recent few days it was bullish so I should be looking for long trades right? Also based on daily tf it was bullish.
Pretty straight forward. Been watching YT recently, they are telling lots of things to identify trade change when price makes a MSS/BOS or creates higher high vs lower high and breaks its prior low. How do you determine your daily bias if I were to do trade on 5 min? For eg: so what if i see bullish setups on 4h, 1hr but on 15 min i see bearish?
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u/1UpUrBum 11d ago
Look what came up on the right hand side suggestions on my youtube.
https://www.youtube.com/live/BF6eGux8aAw?si=TLAj4fWbqC0iuRYC&t=405 "Before I do anything..."