It doesn't matter what the time frame is - you should only make a decision AFTER the bar CLOSES.
I thought I had made this very clear in my "Timeframes" post but obviously not.
If you see a potential trade on the monthly and want to trade it then you have made the decision to trade the monthly. You can drop down to a lower time frame to fine tune your entry but your trade management must be on the monthly chart.
If you manage the trade on the daily after entry then you are trading the daily NOT the monthly.
A monthly bar consists of 20 daily bars so if you try to trade the monthly using the daily then there is a possibility of being stopped out at least 20 times whereas you would likely still be in the trade on a monthly.
Trading the monthly is more INVESTING than trading and requires HUGE SL and tolerance for drawdown - unless I am mistaken, you are nowhere near that level.
I thought I had made this very clear in my "Timeframes" post but obviously not.
If you see a potential trade on the monthly and want to trade it then you have made the decision to trade the monthly. You can drop down to a lower time frame to fine tune your entry but your trade management must be on the monthly chart.
If you manage the trade on the daily after entry then you are trading the daily NOT the monthly.
A monthly bar consists of 20 daily bars so if you try to trade the monthly using the daily then there is a possibility of being stopped out at least 20 times whereas you would likely still be in the trade on a monthly.
Trading the monthly is more INVESTING than trading and requires HUGE SL and tolerance for drawdown - unless I am mistaken, you are nowhere near that level.
15 YEARS OF PASR ON FOREX FACTORY!
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