I have read through this thread but no doubt will be doing it a few more times yet. But doing so has so far led me to a couple of questions. If the answers are already in the thread I apologise if I have missed them.
Why do trade the opening of the Frankfurt open and not the London open? Is it busier than the London open?
A few posts back you said that you look at higher timeframes to establish your bias. What higher timeframes do you look at and what do you look for? I imagine the answers will be somewhere in the âSupply/Demand, VSA, Wyckoff with Petefaderâ thread but that is huge and I have hardly scratched the surface of it yet.
Sorry mate, for some reason my email put this in the junk folder from babypips.
Iâm around for the Frankfurt Open because of my timezone, itâs nothing against London Both work. Iâm GMT +8 so the Asian Open is my morning, Frankfurt/London my afternoon.
In establishing a bias, I use the weekly/daily, 4hr and 1hr. I post most of my trading biasâ up here Day Trading Diary
Hereâs a nice example on the EURUSD from yesterday. So the process I go through is firstly to establish a bias. Of the 7 pairs, EURUSD was one of three that I was looking for a long. (EJ and UJ being the others).
So first step after estabishing a bias, is to look for a support & resistance level. Once price gets down to a S&R level, look for a good Sign of Strength, so a wide spread down bar on high volume.
This method moves away from this thread, but is more inline with market bias (and allows you to trade in a range on the hourly chart). Yesterday was a scrappy day, but a couple of the pairs offered clean entries.
Yep, spot on. No itâs not a secret or anything, I look at the higher timeframe for an overview (weekly/daily). Then on each the 4hr and 1hr, the trend, price interaction with S&R and lastly volume. A bit of a checklist, then I go with the pairs that have the most confluence.
On the pairs Iâve got a bias for, I wait for a Sign of Strength (like above) or Sign of Weakness if Iâm short, then the 5m TF.
Theyâre both seperate considerations for me. The trends on the timeframes could be opposing, but maybe the volume for both is correlating. Really Iâve just given each item a âscoreâ or weighting, and at the end of it all the confluence is added up.
A quick question about your spreadsheet. When I purchase it will I be able to edit it so that I can change the currencies I am trading from time to time?
RE: news, no hard & fast rules, if itâs yellow or orange alert news, or with volume/bias etc⌠I feel comfortable with the direction of the trade, I might put in a wider stop. Usually like half an hour before news.
As per post 301 Moved Permanently
The first picture is of the H1 chart with showing stopping volume (I think that is what it is called) coinciding with a bearish bar with a long tail. Is this what you refer to when you say you look for bias on the higher timeframes?
Volume on the 1 hour is one of the criteria I use to form my bias (and one of the timeframes). I look across a couple of times frames, and consider volume, trend, S&R etc.
Hello, I am new here, but I just wanted to thank you for sharing your system, I am actually trying to learn to scalp and your template + methods seems really nice to me.
Both work. Iâm GMT +8 so the Asian Open is my morning, Frankfurt/London my afternoon.
