I want to be doing intraday trades and I read a lot of traders like the hourly TF for finding trades and then they use 15m for fine tuning entry/exit.
But I think hourly is not short enough for me, I want to trade during the market overlapping hours when there is more power in the market for strong trend movements and I believe 5m TF will be the best for me.
So My plan is to first look at general direction market is moving on the daily TF.. if its up or down trend.
Then look at hourly TF and draw trend lines, patterns, S&R and a 200 SMA that I will use as an additional S&R.
First rule would be that hourly and daily TF has to be trending same direction for me to take a trade on the 5m TF.
Second is that I don't trade against the trend.
First I was thinking to use the 1m TF to finetune entry and exit after finding a trade on the 5m TF but I changed my mind about that.. I will not go lower than the 5m TF.
My plan is to use moving averages on the 5m timeframe.. will be using the floor trader method by using a 9 and 18 MA.
I also want to use RSI 14 I think for checking for divergences and overbought/oversold but I'm not sure what TF to use it on.. Which TF do you suggest I place the RSI on and why? 5m or 15m?
I will use a monthly pivot on daily TF and weekly + daily pivot on hourly TF and daily pivot on 5m TF..
But I am not sure if I like using pivot on eur/usd since it's a trending pair.. what do you think?
But I think hourly is not short enough for me, I want to trade during the market overlapping hours when there is more power in the market for strong trend movements and I believe 5m TF will be the best for me.
So My plan is to first look at general direction market is moving on the daily TF.. if its up or down trend.
Then look at hourly TF and draw trend lines, patterns, S&R and a 200 SMA that I will use as an additional S&R.
First rule would be that hourly and daily TF has to be trending same direction for me to take a trade on the 5m TF.
Second is that I don't trade against the trend.
First I was thinking to use the 1m TF to finetune entry and exit after finding a trade on the 5m TF but I changed my mind about that.. I will not go lower than the 5m TF.
My plan is to use moving averages on the 5m timeframe.. will be using the floor trader method by using a 9 and 18 MA.
I also want to use RSI 14 I think for checking for divergences and overbought/oversold but I'm not sure what TF to use it on.. Which TF do you suggest I place the RSI on and why? 5m or 15m?
I will use a monthly pivot on daily TF and weekly + daily pivot on hourly TF and daily pivot on 5m TF..
But I am not sure if I like using pivot on eur/usd since it's a trending pair.. what do you think?