Trades I placed yesterday.
Trade Without Fear
{quote} Hi Mbt, if I may jump in here, forget about the Daily, rather check the 1 hr if you are trading the 4 hr. Think about this logic, what you see on the 1 hr will reflect on the 4 Hr and later on the daily. It all starts at the 1 min does it not. Think about this fact, I was given this little diamond some time ago and it changed the way I approach my trading. The only time I would consult the Daily is when I trade the Daily chart, which I also do. I know of a very successful trader in Australia that only trades the 1 min chart. We need to understand...
{quote} I agree that smaller tf lead higher tf, but to go against strong move on Daily it's gamble and try to catch turning point, sometimes you catch it, sometimes you not, most of the times not. Then you go with higher tf you get more odds in your favor. I don't want to say that your way is a wrong way, if you master that way it's your way to trade forex and it works for you. I see it differently. In the end it's just account numbers that matters... Because English is not my native language it's a bit hard to express my self the way I would like,...
See the trade I took on the 4 hr chart, red line, I then change chart to Daily with same red line, the Daily oscillator and PMO says down trend. So if i had to use the Daily as my filter I would not have taken the long trade. If I took a short trade to be in line with the Daily I would have been a losing trade.
Now look at the Daily after the red line, it all changed to a uptrend, oops, you see, what happens on the 4 hr will later reflect on the daily. No my friend this is not gambling, this is trading.
To think you can place a long trade on the 4 hr because the Daily chart indicates a uptrend, in my book that is gambling.
Trade Without Fear
{quote} when your are taking trade on 4 hr, that day is already 4th day. on daily chart .. it is already late to enter in the trade .... AND even you wanted to enter the trade on 4 hr chart, based on daily chart, on 4 hr you entered on 5th candle in IMO it was late . I would prefer to enter after 2nd candle on 4hr chart Thanks
3. After both # 1 and # 2 above have occurred, preferably, you want to initiate a trade after the 1st bar has closed on the same side of the Yellow Line as the direction of the trade or on the 2nd or 3rd candle ideally. Entering any later than that is more risky.
4. The trade set-up bar is the 1st candle to cross over the Yellow Line
My entry was on the 4th bar, I also looked at H1 and was waiting for a setup on that tf
