Quoting renasdadDislikedJust had a brainstorm. If we are looking at 30 minute charts, and we get the RSI/50 cross, what if we would wait 1 extra bar close to confirm the cross. Let's say, RSI crosses 50 at 7 AM. At 7:30 AM, RSI is still below 50. Then we open a trade. Just an idea for everyone to consider.Ignored
I have heard that idea bandied about before. Whatever time frame you are trading wait for the close of the next bar before entering a trade.
Trouble is, if you are trading the 4hr or dailies then you are entering at just about that time the winners are getting out, so if you were planning to go long, the earlier longs would be passing the batten to you at just about the high of the present move.
Better still look at the longer time frames without any indicators. Observe price action. Recognise support & resistance. Take note of recent Fib retracements.
Support or Resistance is an area not a set number value !
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