Probability is created from an average of averages. A second time frame increases the number of averages, thus the probability. Support/resistance is based on the previous trade(s), that no longer exists, so since you cannot trade the previous trade(s), it is mostly a fake indicator. S/R works great after-the-fact though, so if you can go back in time and use the newly gained knowledge, then s/r should work for you. My broker doesn't allow me to do that, so obviously I cannot use s/r. I have no idea what price action is, other than looking at a candle shape and "guessing", lol, and it most definitely cannot determine an exit.
In trading there are buyers and there are sellers. It is simply a matter of measuring the difference between the two groups and trading with the one with the higher volume. Unless you are using measuring probability, I seriously doubt you have much of an idea what you are doing.
Once you decide to use probability, then you must accept a lowered precision. The idea is to trade consistently, and that is nearly impossible if you are trying to be precise. I found that using a second time frame is the best way to gain precision. I trade the range of a higher time frame using the trend it creates on a lower time frame. I do it with indicators, so obviously I find it comical when someone suggests indicators don't work, LOL. If you do not use indicators, you cannot create probability, so you are pretty much clueless and just making guesses. Traders that guess are the ones that tell you to risk 1-2% of your account, so you can lose more slowly. Traders that use probability, on the other hand, use as much of their account as possible because they rarely lose a trade, and if they do, it is a negligible amount of the daily total.
I always suggest using a 30M chart to design your idea, then modify it to whatever time frame(s) you will trade. The 30M chart more closely matches daily and weekly trading sample sizes than other time frames, so it is good for the initial designing. Concentrate on ranges first. A range on a higher time frame is a trend on a lower time frame. Once you can trade a range, then it is just a matter of increasing the indicator moving average trend lines to see that range from the lower time frame. Your trade will enter/exit on the higher time frame range signal, but will be more precise when used in combination with the lower time frame. So, if you trade 1HR/4HR charts, you might get an entry/exit on candle 1, 2, 3 or 4 of the 1HR chart, rather than waiting for the entire candle of the 4HR chart. That is where you gain precision, rather than from head fakes caused by setting your lower time frame indicators too low. You trade when both time frames concur, which is normally in alignment to the higher time frame range. If the higher time frame decides to trend, which happens occasionally, then trend trade it, and ignore the lower time frame.
I cannot speak about the hocus-pocus strategies other people use, or pretend to use, lol. This is what I do and it seems easy and consistent to me. However it took years of school and chart analysis to develop. I use typical business analysis methods to develop the relationship between buyers and sellers and then trade the order flow. Simple. Good Luck.
In trading there are buyers and there are sellers. It is simply a matter of measuring the difference between the two groups and trading with the one with the higher volume. Unless you are using measuring probability, I seriously doubt you have much of an idea what you are doing.
Once you decide to use probability, then you must accept a lowered precision. The idea is to trade consistently, and that is nearly impossible if you are trying to be precise. I found that using a second time frame is the best way to gain precision. I trade the range of a higher time frame using the trend it creates on a lower time frame. I do it with indicators, so obviously I find it comical when someone suggests indicators don't work, LOL. If you do not use indicators, you cannot create probability, so you are pretty much clueless and just making guesses. Traders that guess are the ones that tell you to risk 1-2% of your account, so you can lose more slowly. Traders that use probability, on the other hand, use as much of their account as possible because they rarely lose a trade, and if they do, it is a negligible amount of the daily total.
I always suggest using a 30M chart to design your idea, then modify it to whatever time frame(s) you will trade. The 30M chart more closely matches daily and weekly trading sample sizes than other time frames, so it is good for the initial designing. Concentrate on ranges first. A range on a higher time frame is a trend on a lower time frame. Once you can trade a range, then it is just a matter of increasing the indicator moving average trend lines to see that range from the lower time frame. Your trade will enter/exit on the higher time frame range signal, but will be more precise when used in combination with the lower time frame. So, if you trade 1HR/4HR charts, you might get an entry/exit on candle 1, 2, 3 or 4 of the 1HR chart, rather than waiting for the entire candle of the 4HR chart. That is where you gain precision, rather than from head fakes caused by setting your lower time frame indicators too low. You trade when both time frames concur, which is normally in alignment to the higher time frame range. If the higher time frame decides to trend, which happens occasionally, then trend trade it, and ignore the lower time frame.
I cannot speak about the hocus-pocus strategies other people use, or pretend to use, lol. This is what I do and it seems easy and consistent to me. However it took years of school and chart analysis to develop. I use typical business analysis methods to develop the relationship between buyers and sellers and then trade the order flow. Simple. Good Luck.
You cannot be extraordinary by being normal
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