Tp1 has been hit stop loss moved to breakeven )Later it hit my stop loss which was at breakeven.Now i am watching the same previous price level(where price is currently present) for a long PA signal.
Personally I took a sell based on the big BEEB of the daily, I see your thinking with the 4hr range that we had but did you not feel it was going against the big sell off?
Hi joffie)If i see a setup at one timetrame then i analyze and manage it from only that one time frame.That,s why people get confuse when they imagine scenarios at different timeframes.It really doesn,t matter a 4H may show you a uptrend while on a daily chart you may see the downtrend.Hope that helps)
Yes, on the larger tf it has been in a downtrend but on the H4 chart, the main move since 12th March has been bullish.
Itâs fair enough to make a decision to only trade when the trend on the H4 chart is in line with the weekly trend for example.
But in this case the trends were not in line, so if you decide to trade, you should really make your decision based on the chart that you are trading.
Just my opinion, fo what it is worth
Whats with the GBP/JPY H4? Did I miss a clear signal or is it just overbought like crazy? Itâs lunch time Londonsession atm, and probably about to wake up in NY. Will we see a continue of momentum up, or will it crash down again? Any thoughts?
In my opinion, I donât think thatâs a very strong entry signal for long, that âBUEBâ doesnât cover the whole body of the previous candle, and the trend i would say is going sideways rather than up. So, instead of entering a trade, i would wait for a better signal pending on the daily chart to short
Basically using a higher time frame to look for a trend does not make sense. It is not anyones fault because I see this everywhere and no1 really knows why they do it!
I often see people make a post similar to âI am trading this 4hr XXX signal because it is in-line with the weekly chartâ etc etc
The problem with this is whilst they are looking to trade in-line with a higher time frames trend they are missing a ton of opportunities and when they think they are trading with the right trend, the chances are the are going directly against it!
In just one weekly candle we have 30x 4hr candles. If we are looking for a trend on the weekly chart we would need an absolute minimum of say 15 candles to make the trend. In this 15 candles for the weekly trend we would have 450x 4hr candles form!!! That is a ton of new trends inside the one trend on the weekly chart.
During just one weekly candle we could have a couple of separate trends on the 4hr chart. You may spot a clear trend on the weekly chart but at the exact same time you are looking to trade the 4hr chart it could be trading directly against this weekly chart.
The major point to all this is the amount of time we look to trade and that is why it is so important. We are looking to get into a trade and trade it in-line with the next swing. We are not looking to trade major chunks of the market holding large trades that run for weeks or months of the 4hr chart. We are looking at the short term trends to get in-line with wherever the next swing is going. By trading with the weekly trend on the 4hr chart we could be trading straight against the recent momentum which we donât want to be doing.
It is far easier to look at each chart and their separate trends individually. This way we can get in-line with the recent momentum and the next swing.
The Eur/Usd corrective move after the downtrend has been quite
indecisive with the fundamentals causing lots of sideways move consolidation
By the end of tomorrow we should be having a break above or below the corrective
zone should the fundamental favor order flow onto one side.
So it is still worth a stare.
Well done johnathon)All new bies read it carefully (though i am one of them lol) and paste it in your mind while analyzing setups.That,s what most people are doing whereever i read on different forums.Larger time frames are more compressed with info and they absorb the little price action stories inside them.People struggle for years for learning trading and if they know what little and simple mistakes they are doing early then it will much shorten their learning curves.
Hi hmr7788)Different brokers have different candle closing and opening times.May be on your charts it,s not engulfing the housing candle but on my chart it,s engulfing the previous one( i use instaforex).And yes it is trading in a range but look carefully overall it,s upward.That,s why i pulled the trigger.
