Thanks LazyLobster. You are saying that when you trade on Dailies, the best thing you can do is looking at 05.00 PM EST which is 09.00 AM Sydney, right? My demo account starts Dailies at this time (my time is 11.00 PM), I take advantage of it.
In fact trading on the 4H it's also the best time to start, that's what you're saying too. I've read your post several time, I understand the thoughts behind
When I go into position on the 4H I will look what the position at 03.00 PM is doing. At that time I decide what I am gonna do. Eelfranz was doing the same I read somewhere. Most of the time he closed his open positions but sometimes he doesn't.
Of course I don't forget Money Management and other important issues. For the record, it's not a beginning of my trade plan. In fact I was always a short term trader, focusing on 1 and 5M frames on ES future and in Europe on ESTX50 and DAX. Very nervous trading. I am still doing this but I want to do something complete different. Occasionally I was landing on this topic and I read the first pages of this tremendous topic in which Eelfranz explains his method. Like myself he was trading too on fast timeframes and it brings him nothing..... He turned completely and that's what I want to do myself.
Regards,
Johan
In fact trading on the 4H it's also the best time to start, that's what you're saying too. I've read your post several time, I understand the thoughts behind
When I go into position on the 4H I will look what the position at 03.00 PM is doing. At that time I decide what I am gonna do. Eelfranz was doing the same I read somewhere. Most of the time he closed his open positions but sometimes he doesn't.
Of course I don't forget Money Management and other important issues. For the record, it's not a beginning of my trade plan. In fact I was always a short term trader, focusing on 1 and 5M frames on ES future and in Europe on ESTX50 and DAX. Very nervous trading. I am still doing this but I want to do something complete different. Occasionally I was landing on this topic and I read the first pages of this tremendous topic in which Eelfranz explains his method. Like myself he was trading too on fast timeframes and it brings him nothing..... He turned completely and that's what I want to do myself.
Regards,
Johan
Keep it simple without too many crappy indicators!