it should work on any time frame. i talked about weekly because i think higher time frames tend to give more reliable signals.
for daily scalping, use h1 charts. instead of entering using 3 days rule, let the price run into a certain direction then wait for the retrace and open a trade when price crosses the daily open into the opposite direction. then use daily average to project a possible target. but you have to be aware that a reverse may occur at any time.
a couple of problems:
- sometimes price never comes back, but keeps going into the same direction; in this case, i usually look for a buy above the previous day high, or below the previous day low.
- price comes back to daily open too often; this means the pair is ranging or it's too volatile. use one that fits these rules.
- i couldnt figure a rule for stop loss. i'm open to any suggestions.
i hope it was clear enough. looking forward to anyone's feedback on this.
for daily scalping, use h1 charts. instead of entering using 3 days rule, let the price run into a certain direction then wait for the retrace and open a trade when price crosses the daily open into the opposite direction. then use daily average to project a possible target. but you have to be aware that a reverse may occur at any time.
a couple of problems:
- sometimes price never comes back, but keeps going into the same direction; in this case, i usually look for a buy above the previous day high, or below the previous day low.
- price comes back to daily open too often; this means the pair is ranging or it's too volatile. use one that fits these rules.
- i couldnt figure a rule for stop loss. i'm open to any suggestions.
i hope it was clear enough. looking forward to anyone's feedback on this.
Dislikedsorry, it's confused little me again....are we talking about DAILY or WEEKLY right now with this new approach? sounded like weekly to me. or am i just losing it.
anyway, last week and this week so far has been good to me. i'm hoping it'll stay that way ;-pIgnored
Nihil Sine Deo.
