As I review recent posts in this thread, I find many charts with a multitude of multicolored lines, arrows and indicators on them and many comments about how unsure the traders are to enter trades. There are always reasons NOT to take a trade and one can always find reasons to take a trade. It appears that many thread patricipants have "analysis paralysis" in making decisions about whether or not to enter. In my opinion, much of the SIMPLE has been recently overlooked on this thread.....Big E reiterated over and over that trading must be kept simple......thus the name of this thread.
Due to an overall ranging market, I decided to scalp a few pips during the Asian session on the AU. That trade netted 50 pips and reversed, giving an entry signal long, so I entered.....and again.....and again....and again. I didn't have to check the Monthly, Weekly or any other chart to enter. I did have a H1 chart open next to my M15 trading chart, showing S/R lines, etc. The 200 EMA was also a concern but I entered anyway and monitored the trades to see if they would break through that EMA. Price action and TDI crosses coming out of overbought or oversold areas were all I needed to net 210 pips for the day. Was I lucky? To a certain extent....yes. Was I prepared to exit the trades if they reversed.....absolutely. I would have taken whatever the market was willing to give up. I am not recommending that anyone without some trading experience, trade the M15 charts but if you look back at where Big E started....he traded the 15 minute charts and even started the Craig Harris thread about trading M15. He then graduated to the H1 and finally to the H4 because he did not want to stay up all night at his age and monitor trades. If you look back at his posts, he kept his charts simple and his trading simple. I, for one, think we would all be better off by simplifying our charts and doing the same.
Due to an overall ranging market, I decided to scalp a few pips during the Asian session on the AU. That trade netted 50 pips and reversed, giving an entry signal long, so I entered.....and again.....and again....and again. I didn't have to check the Monthly, Weekly or any other chart to enter. I did have a H1 chart open next to my M15 trading chart, showing S/R lines, etc. The 200 EMA was also a concern but I entered anyway and monitored the trades to see if they would break through that EMA. Price action and TDI crosses coming out of overbought or oversold areas were all I needed to net 210 pips for the day. Was I lucky? To a certain extent....yes. Was I prepared to exit the trades if they reversed.....absolutely. I would have taken whatever the market was willing to give up. I am not recommending that anyone without some trading experience, trade the M15 charts but if you look back at where Big E started....he traded the 15 minute charts and even started the Craig Harris thread about trading M15. He then graduated to the H1 and finally to the H4 because he did not want to stay up all night at his age and monitor trades. If you look back at his posts, he kept his charts simple and his trading simple. I, for one, think we would all be better off by simplifying our charts and doing the same.