Disliked{quote} I didn't even think there could be trading possibilities on lower timeframes. Happy to see other users interested in the same charts. Thanks for the input Sanji. {quote} Thanks for the comment! PRICE is still in the WCC though, what makes you pull the trigger ? Would you not rather wait for the PRICE to exit the WCC ?Ignored
Hey Udkox, thanks for the question. I am trading mostly WK/daily and 4hr chart combo.My worker is 4hr, WK is my big boss and daily boss. I keep a journal of every trade before and after. i have many many trades logged there mostly from my forex simulator. I have noticed that many times waiting for weekly bar to close above the WCC area makes me miss many good opportunities. Many times price surges above/bellow the WCC and when the week closes there is not much left in the tank for further push next week. That does not happen every time. Just sometimes and during these times i mostly lose, because price is not continuing in the direction of the trend. Of course some times there is another reason for that as S/R level or 20 WK ema /dynamic SR/ etc. To combat that i decided to trade after daily bar closes above/bellow the WCC area in the direction of the trend! Doing that i oftenly bought on better price with greater risk reward ratio. Look at A/J chart Last Week's bar closed bellow the WCC. Notice that daily bar on 21.09 closed bellow the WCC. On the next day i had entries on both 4hr chart and 1hr chart. Waiting for weekly candle to close for me would have caused me to miss that opportunities. Yes sometimes doing that is not a good idea and i end up with loss. I do not recomend it. I have different risk tolerance and i feel comfortable trading this way.
You attract what you think in any area of life, relationships and trading!
1