Hi everybody,I have a question for candles patterns trader only.
Well it’s two but I start with first
I’m very confused about timeframes,I explain what I do.
Say I have “my perfect trade setup” and I enter a position.
It could be a convergence of signal(candle of course too) on a daily resistance(daily trend is up,on hour too in a channel/reverse etc) on the one hour time frame.
I already found my potential targets in the one hour ,well ,what to do next?
Things I did:1)monitor on the 15/min 30 min for potential reverses/retracements ,sometimes going 5 min when they happen
2)watch the rsi/oscillators for overbought oversold conditon(wich one is the correct time frame to do it?)
3)monitor on the one hour /30 min leaving the position running till reversal signal
Sometimes I do a 5-15 min zooming before close on a higher tf to try anticipate
Well ,method number 3 is been the most profitable ,maybe couse you don’t panic at small corrections,but I’d like to hear some stricly rules people trading with candle patterns use.
Many thanks