I'm making a rule about the 1 minute chart because of last night. Last night I shouldn't have traded until price came back down to support on the 1 hour or broke another lower area of support.
I ended up taking a winning trade during the US session to balance things out. What I learned was that if I am Bullish then I need to wait for bullish setups. If price is going against my trade plan then I need to stay out and wait until the market makes sense again. This way I can hopefully avoid impulsive or impatient trades.
The 1m chart will only be used when a setup is forming and price is going to break support or resistance. The reasoning for this is psychological, 5m is the closest I can get to watching a setup form. When I throw on the 1m chart my brain goes to mush and I think it's easier to deviate from the trade plan.
Another note is, I'm was watching the 1hr chart because it gave me a decent view of the market at the stage it's at in the setup forming process. Now I've moved to 15/5m charts because it makes sense to me, and that's all I'm going for is the feel. I'm going to see how tonight pans out.
I think I see a good setup coming but I'll let price action guide me.
The TRIX and THV charts are great. I'm using the divergence to help me with trade decisions. I'm still figuring out how they can work for me.
I ended up taking a winning trade during the US session to balance things out. What I learned was that if I am Bullish then I need to wait for bullish setups. If price is going against my trade plan then I need to stay out and wait until the market makes sense again. This way I can hopefully avoid impulsive or impatient trades.
The 1m chart will only be used when a setup is forming and price is going to break support or resistance. The reasoning for this is psychological, 5m is the closest I can get to watching a setup form. When I throw on the 1m chart my brain goes to mush and I think it's easier to deviate from the trade plan.
Another note is, I'm was watching the 1hr chart because it gave me a decent view of the market at the stage it's at in the setup forming process. Now I've moved to 15/5m charts because it makes sense to me, and that's all I'm going for is the feel. I'm going to see how tonight pans out.
I think I see a good setup coming but I'll let price action guide me.
The TRIX and THV charts are great. I'm using the divergence to help me with trade decisions. I'm still figuring out how they can work for me.