DRT,
Thank you very much again for your continuous assistance and help
I guess I do not understand then why you would use 15 and 5 minutes charts. Can you show a simple example of multi time frame setup approach? It appears based on the quote above you are only using 2 timeframes for intraday trading. Perhaps, you can define your intra day trading activities such as how many trades you take intra day? Do you classify them as scalps or you do not put any time boundaries for those trades to develop?
So Forex is just part time activity or it works in concert with other 90%? I do know very little about futures. But it appears that you are getting some really valuable information to support your Forex activities. Yes, Forex has issues with Volume but that is why I am having problems seeing how pure Price Action players can trade just based on the Price Patterns. Without Volume it represent just a fraction of the story. Can you possibly explain how you utilize your futures knowledge to trade Forex. Is there any way one could get the volumes for Forex to make it more valuable for trading activities?
You are definitely have been helping a lot. Thank you again.
Thank you very much again for your continuous assistance and help
DislikedFor short term trading, I use the Daily River Charts to determine entry areas and exit areas. Once I make the decision, I use the hourly charts for the actual entry or exit. I will often look for a pullback to a level on the hourly.Ignored
I guess I do not understand then why you would use 15 and 5 minutes charts. Can you show a simple example of multi time frame setup approach? It appears based on the quote above you are only using 2 timeframes for intraday trading. Perhaps, you can define your intra day trading activities such as how many trades you take intra day? Do you classify them as scalps or you do not put any time boundaries for those trades to develop?
DislikedNo. I do not use indicators of any kind. Even trendlines. I like to play around with the fib stuff, but for trading I do not use these types of things. Volume is not part of my algorithm because it does not exist in the decentralized forex market. I am an active futures trader also. I trade the Globex on the CME for each of the pairs listed. It makes up 90% of my trading. I watch the market depth on this constantly and use Tradestation's matrix trader which graphically shows the volume on horizontal bars just like price distribution. Invaluable. I can almost always tell when CB's are lurking by watching the market depth on the futures.Ignored
DislikedI am doing this to try and help others. I am glad you are asking me questions. I like helping if possible. It makes me feel good.Ignored