Great thread, learning a lot. Question: how do you determine the trend with which you're trading? How many candles back do you use for determining the trend? Thanks
It was very common for full time working class traders to begin trading using higher Tfs, but ive managed to trade on m1 tf after work for 2 hours a day in the evening.
I watch 120 candles in 2 hours, which is more trading action than a daily trader would trader n months.
I would love to hear from like minded traders who have used this approach just as i have.
Great thread, learning a lot. Question: how do you determine the trend with which you're trading? How many candles back do you use for determining the trend? Thanks
Ignored
Hi pmruk,
I determine the trend direction by looking at the MTF RSI weekly line [blue] and daily line[yellow]. BOTH must be BELOW 50% before I look to sell and ABOVE 50% before I look to buy.
I also look at price action to get a feel for the "quality" of the trend. For example, is this trend really just a part of a larger swing cycle and if so, where is price in the cycle right now? Or is price at significant S/R areas? I also look at how price is behaving when I look at the trend? Huge candles? Indecision candles? Basic PA stuff, but the RSI trumps everything else. Those yellow and blue lines MUST be in sync before I consider anything else.
...but ive managed to trade on m1 tf after work for 2 hours a day in the evening. I watch 120 candles in 2 hours, which is more trading action than a daily trader would trader n months.
Ignored
Thanks for dropping by Geniusone.
I tried the 2-hours-after-work thing, too. Staring at a computer screen for 2 hours every evening is not for me. Especially for just a handful of pips [I'm Eastern USA, so Europe and US, the most active markets, are closed in the evenings]. I don't like getting up in the middle of the night either, but usually it's only for a few minutes and I'm back to bed. And my trades go for larger gains than I ever got after work. I don't think I spend 2 hours trading in an entire week!
...and that's the way I like it.
A secret in trading is finding a style that suits you and it sounds like you've found yours. I wish you the best.
