Disliked{quote} I look at MN and W1 because I need to see where the MN and W1 charts are in their cycling,not to just look at 1 or 2 or 3 bars of it. If you look at only a bar or two, then, once again, you only get a very small piece of the story that that TF has to tell. And, although I take notes when I do my analyses, it is helpful for me to see them again each analysis because I look at a lot of timeframes and don't always remember what those 2 big TFs looked like the day before. I don't start with TDI crossings. I look at the price swings cycling first...Ignored
Pretty much doing the same skipping from top to bottom at is my first job on the day.
The only difference might be that I have no f#cling clue what that big picture is telling me, how to read it and interpret it and how it should help me making a trading decision for let’s say a M15 setup.
Those circles, waves and what ever else might be visible on a chart simply telling me not enough to make any better choice of action while switching over to the lower time frame again where It might alert me for an entry setup some time later during my trading hours on that particular day.
So far my daily routine looks like that
- Wake up
- Having a coffee
- Going over to my trading desk (basically one MacBook Pro 15 inch)
- London about to Open / Some times I wake up earlier I am already there at Frankfurt Open.
-Opening MT4 with the major currency pairs side by side, but mostly only interested in EU, GU, AU because getting the best spreads here.
- Looking each Chart for 1-2 Minutes at W1, D1, H4,H1 and grab my hair, okay no ideas what’s going on or what to do
- Switch to M15 (waiting for a signal...waiting...more waiting and more coffee)
- Now if there is a setup TDI red/green cross over, analyzing the setup, if it’s not good go away again and have some coffee again (this loop goes for about 3-4 hours until lunch time and 2 hours before NY opens, I mostly don’t have the time for NY session to monitor)
- No drawings, no S/R levels (as I don’t even know where and on what time frame to do that)
I always only open one trade at a time for now because even that is hard to find for me.
Then, if having a trade running, I monitor if for most likely 1-2 M15 candles, that’s mostly the point where i know if the trade gets stopped out, slow movement, no larger candle forming, ranging, starting with wicks and all that, so I exit manually. If I am in profit for some pips I most likely set a trailing stop then or a set a fixed TP based on my pure feeling where price might could travel based on the M15 chart I see at that time and would at least compensate for the risk taken by 1-2R.
Yes, that’s it basically. No fancy drawings on all these chars I look, nothing than what is given by post #25, not following the economic news, I just try to be out of a trade before/during/short after a higher impact (red marked news on ff calendar) might affecting EUR/USD/GBP.
