DislikedHi Paulus
Here is my current chart situation.
Anne
(Posted in low res for quick view and zipped hi-res for details)Ignored
Rule #1 is 'The Trend is your Friend'. Do not buck said trend.
In an effort to provide a bit of clarity and perhaps provide something that may potentially assist all other traders here, I offer this chart shot of the 4H 'Beast' that is being referred to, albeit from a different charting setup.
While Paul (Paulus) is indeed correct that the May 21 300 pip 'CANDLE' could be a bit problematic when trying to ascertain an exit point, it really is nothing more than a hicup in a dominant bullish move. PA moves up and down in a random fashion based on nothing more than buyers and sellers doing battle against each other 24/7 until one gains the upper hand.
As mentioned earlier, utilizing a moving average in higher TF's easily allows one to exit and re-enter dominant moves based solely on a break of such MA. In addition, a simple 'momentum' indi with a zero line would also be effective as a gage of entry and exit possibilities.
Also, these same setups can be utilized in smaller TF's just as effectively. Simply watch the PA closely on the smaller TF's as the larger TF's obviously need less attention as they are position trader oriented as opposed to intraday (scalper) methodologies.
Regards.