I hope I explain this well. I always start with the weekly time frame and identify the freshest S/D zones. Not support and resistance, this is different. I then move to the daily and do the same...if there are any fresh. I then look at 4H and 1H for the same thing in the direction I believe that particular market is moving based on Higher TF S/D zones.
The EU trade I placed for example recently moved away from the Daily green demand zone, pulled back and based briefly, then continued it's move up, based again and started a pullback. It then went back up to the last base and used up existing supply and dropped back to my pale green 1H demand zone. My 1H trade was counting on the pullback to this area for a buy.
The stop was set below my demand zone (pale green), TP was originally set at the first base near the top of the 1H move up. I have since moved that TP to 1.26211, at the second basing area made during the move down.
With all of that said, at this point I may close this trade soon if price does not move away from the supply area soon....I believe it should if there truly are a significant amount of buyers there. I'll take a small profit or small loss if necessary....This is one of those grey areas I need to sharpen up.
The EU trade I placed for example recently moved away from the Daily green demand zone, pulled back and based briefly, then continued it's move up, based again and started a pullback. It then went back up to the last base and used up existing supply and dropped back to my pale green 1H demand zone. My 1H trade was counting on the pullback to this area for a buy.
The stop was set below my demand zone (pale green), TP was originally set at the first base near the top of the 1H move up. I have since moved that TP to 1.26211, at the second basing area made during the move down.
With all of that said, at this point I may close this trade soon if price does not move away from the supply area soon....I believe it should if there truly are a significant amount of buyers there. I'll take a small profit or small loss if necessary....This is one of those grey areas I need to sharpen up.