Pls can someone educate me on how i can successfully use yesterday’s OHLC daily chart candle to trade today, using the 1hr time frame to enter and exit???
Using ONLY yesterday’s daily OHLC you learn to trade pivot points. That is what they are based upon and they do have some predictive value when trading off the lower time frames. Other than that, you will have a very myopic view of the market and making any money using ONLY yesterday’s OHLC is an uphill battle.
Check out the Daybreak system and the associated Triple Threat System in the same forum which I think is what you’re looking for:
http://forums.babypips.com/free-forex-trading-systems/45422-daybreak.html
http://forums.babypips.com/free-forex-trading-systems/45633-triple-threat-exit-strategy.html
I think Daybreak got officially “shelved” in the end and I’d be surprised if anyone was trading it live. Can’t say I looked much into the Triple Threat system, wasn’t for me.
In general I personally have become convinced that breakout systems are the way to go in the long run, for me at least and I’m using my own modified London Breakout strategy on a demo account to see how it goes. Each trader is different though. Most important thing: find what works for you.
Check out Daily 20 Pip’s website.
If you could explain further, then someone here might be able to help you out.
You do not need to be confined with candles. you could use a bar chart or others.