Still finding my way, so pls bear with me.
I tend to post the stuff I'm not clear about here for some reason.
Trying to hedge the downside per se I guess.
I know many of the more experienced folks here stick to 1 timeframe, but here it goes.....
I'm working on integrating timeframes here. Daily & 4hr.
Mainly inspired by 1 of Mike's posts on a USDCAD pin (short) I was in that got cleaned out cause the weekly had a pinbar off wkly PPZ.
Looked like a small pin to me in weekly, but in 4hour, it turned into a trend.
Hence the bigger TFs to me, are real important.
VERY Generally, unless they're ranging/consolidating, I'm kinda scared to go against a strong trend in the bigger TFs.
This also implies that I should be more inclined to go with Daily/Wkly price action. More daily than weekly, since the disconnect btw wkly & 4hr can be quite huge.
Here's something I placed on a demo. (unsure how to hop onto trends)
GBPJPY.
GY had been finding heaps of support @ 154 region.
On daily, loads of rejection tails in that region.
On close of day b4, GY closed just smack around the lows of that region.
(Arrow on Daily chart, on left)
My thoughts were that if GY comes back up to find 154 region as _resistance_, it would be time to hunt for shorts.
4hour did just this. (Arrow 4hr chart on right)
Tested 154, formed an "ok" quality pin. Mainly that it indicated rejection of 154, more than the quality of the pin.
IE: Price was gonna move in the direction of the daily momentum in the 4hour.
T/P @ PPZ as indicated on 4hour chart.
(If only all the trades were this easy. I think this might hv been an A+ probability trade?)
One of the things I"m working on right now is finding ways to hop onto a trend. I realise I'm terrible at that. I think Tia & Joelcf posted something along these lines as well, "oh. it's with the trend. it'll bail me out." I was WRONG. Sloppiness just doesn't work.
Daily (left); 4hr (right)
I tend to post the stuff I'm not clear about here for some reason.
Trying to hedge the downside per se I guess.
I know many of the more experienced folks here stick to 1 timeframe, but here it goes.....
I'm working on integrating timeframes here. Daily & 4hr.
Mainly inspired by 1 of Mike's posts on a USDCAD pin (short) I was in that got cleaned out cause the weekly had a pinbar off wkly PPZ.
Looked like a small pin to me in weekly, but in 4hour, it turned into a trend.
Hence the bigger TFs to me, are real important.
VERY Generally, unless they're ranging/consolidating, I'm kinda scared to go against a strong trend in the bigger TFs.
This also implies that I should be more inclined to go with Daily/Wkly price action. More daily than weekly, since the disconnect btw wkly & 4hr can be quite huge.
Here's something I placed on a demo. (unsure how to hop onto trends)
GBPJPY.
GY had been finding heaps of support @ 154 region.
On daily, loads of rejection tails in that region.
On close of day b4, GY closed just smack around the lows of that region.
(Arrow on Daily chart, on left)
My thoughts were that if GY comes back up to find 154 region as _resistance_, it would be time to hunt for shorts.
4hour did just this. (Arrow 4hr chart on right)
Tested 154, formed an "ok" quality pin. Mainly that it indicated rejection of 154, more than the quality of the pin.
IE: Price was gonna move in the direction of the daily momentum in the 4hour.
T/P @ PPZ as indicated on 4hour chart.
(If only all the trades were this easy. I think this might hv been an A+ probability trade?)
One of the things I"m working on right now is finding ways to hop onto a trend. I realise I'm terrible at that. I think Tia & Joelcf posted something along these lines as well, "oh. it's with the trend. it'll bail me out." I was WRONG. Sloppiness just doesn't work.
Daily (left); 4hr (right)
One Mind, Any Market