Good questions. I knew the FOMC announcement would likely spark some volatility, so instead of adjusting my stop, I had a few options, which were;
take profit at a suspected top before the announcement
adjust stop to BE and hope I don’t get kicked out
leave stop as is and trust my entry will hold. if it does, then go for higher target. if it doesn’t, bail out quickly for small loss.
I chose #3 as I suspected there would be an intraday bounce, and you’ll notice my entry area held two rejections which showed strong buying interest - thus the level was a good place where buyers felt it was good to get long there.
But I did not manage the trade on the 4hr, just used the 4hr to spot some key levels for me, and used a system from the course to find my entry, target and timing.
Hi Chris, Hope you are doing good. This may be a silly question. I would like to know your preferred time frames to trade ? Currently I am using small time frames and would like to shift to much higher time frames. Expecting your ideas here. Thanks for your time
Am well, thank you for asking. There is nothing silly about your question and its a good one. First off, I have several time frames I ‘prefer’, and those are the 3m/5m for intraday, but also the 1hr, 4hr and daily as well for set and forget style trading.
I think the idea of the ‘time frame’ being critical and what defines a trader’s success is over-rated. I’ve seen traders make money on every time frame you could imagine, from 10-tick charts, to weekly or monthly charts, and any where in between. This tells me it is not the time frame which defines a traders success.
Moreso what time frame and type of analysis will be best for them, help augment their natural abilities, availability, internal wiring, and what type of lifestyle they want to live. No one time frame will make you a better trader than the other - but the one that is the most natural fit for you will.
And if you are wanting to move into the higher time frames, I’d suggest the 4hr and daily, using them in tandem.
I hope this helps and gives you something valuable to work with.
Hello Chris, I need to talk to you in personal. Couldn’t PM you. Just wanted to know is there any way i can contact you. I see that, in the website my mail will be going to support…
I think if they feel natural to you, then definitely they should be considered. The key is to find a time frame that will suit your availability and natural mindset, and that could mean lower time frames, higher time frames, or both.
Today i’m checking out Crude Oil which has been showing signs of accumulation buying and formed two intraday breakouts. Am watching pullbacks towards $87.66 and $87.10 to possible get long. Chart below;
Yep, a breakout followed by another, so some really good bullish price action which I stated on my blog would likely head to $90 (which it did).
But there was actually accumulation signals before it broke that resistance level so myself and many of my traders were already long before this breakout.
Am watching the EURUSD which has made an impressive lift-a-thon lately climbing 400+ pips in about 11 days. It has formed a LH and pin bar in the process, so the uptrend may stall here and start to reverse lower. 1.3300 is a critical resistance for bulls while 1.3184 is their support line. But considering we are heading into the holiday weekend, will current bulls want to hold their positions over the weekend?
Im not seeing the major level broken yet, but close. As to how I’d enter, I cannot give the system per se as that is for the paying members, but one option I’d consider would be a breakout pullback setup if the intraday price action looks right.
Hi Chris
I think you may have misunderstood me. I was only asking out of interest, I have my own entry method that I’m very confident with. However, seen as my method does not tell me to sell at this point, I was just curious as to how you were doing it. However, I do respect the fact that your paying members should be the only ones that have access to your complete method so I see your point.
The support I was talking about is the one you labelled as “Role reversal”. Looks to me like that ones toast.
Ahh, I see what you are asking. My role reversal level is at 1.3184 and im only seeing a small 5pip breach with a fakeout on that one. So until I see more confirmation of this level being broken, perhaps higher time frame or more of a squeeze, then i’ll wait to short.
In other words, need to see more price action develop before feeling like I want to short.
Agreed. It is a small break, and could be a fakeout.
Perhaps you should upload a more recent chart. The one above doesn’t reflect what we are talking about.
