Hello I am getting my trading plan together and here is one section of it about the setups and entries:
In my trading plan I am using the daily and weekly charts to decide upon market direction, then I will take trades off of the 15 minute chart while using the 60 minute chart for the setup and signal. I first make sure that the daily and weekly charts are moving in the same direction, and am cautious if the two are showing divergence. I then take my trade on the 15 minute chart, making sure that either 1) the 15 minute signal is in the same direction as the 60 minute chart OR 2) the 60 minute chart is not pointing in the same direction as the 15 minute signal but there is indecision in the form of a shooting star or a hammer with a price close eyond the candle, indicating potential reversal.
As this is my initial trading plan, I would appreciate any ideas or feedback on the time frames I’m using for confirmation, thanks!