For the past three months, I've gone thro the Thread numerous times and striping it down, re-arrange into section and subjects.
Last week I had been trading using 60 minutes chart, because i find it more reliable and consistence.
60 mins Chart only offer one trade per day ( some cases two , max). Setting, rules of entry and approach is different from 15M basic set-up or/and 240mins Set-up.
The reliance knowled & understanding of Candle Patter as well Candle formation is crucial in trading 60 mins Chart, because TDI or any other indicators will be very lag behind the PA.
The component that I use for 60 mins set up are :-
10EMA,200EMA, 800EMA daily, 240 mins support & resistence. Trend lines...
Dynamic Support & Resistence for the 60mins TF is 200EMA equivelent to 50EMA in 60mn TF, 800EMA= 200EMA.
The 200EMA is used as filter to determine trending and ranging market and staying at the right side of market.. It's not so much for direction, because Price Action gives a better signal, than the EMA.Therefore 200EMA in 60m TF cannnot be used as Bull/Bear line, but it will always stick to PA like magnet, pulling PA towards her.
If you notice most of the trade taken using 60mins TF, will be CT. against 800EMA. ( for month of May 2012). From January to April 2012 there is a lot of oppurtunies to do normal trade as 800EMA is near to PA.
I come to question later, 100EMA or 100SMA, need to be incoperated in 60min TF
will continue
............... need to run
Gibrli
Last week I had been trading using 60 minutes chart, because i find it more reliable and consistence.
60 mins Chart only offer one trade per day ( some cases two , max). Setting, rules of entry and approach is different from 15M basic set-up or/and 240mins Set-up.
The reliance knowled & understanding of Candle Patter as well Candle formation is crucial in trading 60 mins Chart, because TDI or any other indicators will be very lag behind the PA.
The component that I use for 60 mins set up are :-
10EMA,200EMA, 800EMA daily, 240 mins support & resistence. Trend lines...
Dynamic Support & Resistence for the 60mins TF is 200EMA equivelent to 50EMA in 60mn TF, 800EMA= 200EMA.
The 200EMA is used as filter to determine trending and ranging market and staying at the right side of market.. It's not so much for direction, because Price Action gives a better signal, than the EMA.Therefore 200EMA in 60m TF cannnot be used as Bull/Bear line, but it will always stick to PA like magnet, pulling PA towards her.
If you notice most of the trade taken using 60mins TF, will be CT. against 800EMA. ( for month of May 2012). From January to April 2012 there is a lot of oppurtunies to do normal trade as 800EMA is near to PA.
I come to question later, 100EMA or 100SMA, need to be incoperated in 60min TF
will continue
............... need to run
Gibrli