Hi
I always start analyze on daily chart. I check the support and resistant levels and the last few candles. For example if there’s a hammer on an important level I know that it may indicate rising for a while. Then I check H4 chart to determinate the main direction. After this I switch on H1 to look at whether the direction is the same as in H4 or not. Going through this procedure I always have a correct market insight to go down to M5 and look for entries.
Hi Ajantha,
I’m new here and also just began studying how to trade. Right now I’m reading a book on candlestick trading titled “Candle Timing Strategy.” It seems quite new and not as famous as Steve Nison’s book. But what I like most about it is the author’s philiosphy that you should not predict the market and get stressed out about the market not moving your way and just react to its movement. The method I’m trying to learn uses no indicator and only uses candlestick charts. It’s mainly about learning and picking up your own way of reading the market’s movement without referring to other indicators. Seems very simple, but I’ll have to look through it some more before I can decide whether it’s for me or not.
Hello AnastasiaP06
I totally agree that you’ve written about candlestick charts without indicators. I can assure you it works. I analyze the market on the basis of technical tools (such as candle dynamics, tops/bottoms, candlesticks, technical levels etc.) every day then I trade my ideas.
If you like, follow my analysis about DAX: 301 Moved Permanently
and about EUR/USD: 301 Moved Permanently