Hello to you all, in particular to MKFX...may I ask a question..??? How many timeframes do you take into account..?? When we trade at the 5 min, then look up to 15 min then 1 hour....do you then look to 4 hour or Daily too..?? your answer would be helpful, SioIgnored
I'll just add my 5c while MKFXTrade is sleeping.
For me, I check the H4 a couple of times a day, and I check the Daily once, and also the Weekly I check just to see how things are progressing.
For the actual trades I look at the M15 chart where I can see 2 days worth of movement, so I get a good overall idea of what is going on in the (relatively) short term, and I look for an entry on the M5, as per the setup up criteria we all know.
I do use the ASCITrend indi from Xaphod, but I don't show it on the charts for 2 reasons.... 1) I want to keep continuity going for the whole thread for the sake of newcomers to the thread, and the indi is not essential to profitability, it just makes life easier and the charts cleaner. 2) When I enter on the M5 with our usual criteria, I want to see at least the M5 ASCITrend colour match the Genesis Matrix. Without that, I am reluctant to enter.....preferably I want to see the M15 colour match the Matrix too. If I see the H1 and H4 ASCITrend also matching the Matrix, then I know for certain that I am trading with the wind at my back and the trade is (probably) a HPT. If the ASCITrend H1 and H4 are opposite colours, I will still take the trade (because perhaps the trend is changing), but I will be cautious and aware that I need to set a modest target and manually trail my SL.
I expect we all do it slightly differently, and MKFXTrade may well have his own variation which will be interesting to see
By the way....I know I throw a lot at Abe and Noda and several others in your govt and BOJ, please be sure that it isn't anything personal.....I throw it all the muppets in suits, including that NZ idiot Wheeler who just wasted millions of our dollars intervening into a falling market.....in fact Wheeler is the muppet of the year (so far) for me....although Bernanke is in with chance too!!
Doing what you like is freedom. Liking what you do is happiness.