MTF Trading

M

Ok here we have a 5 min E/U chart, where do I buy and where do I sell... some might find it easy to do... some might not... (ohh and hindsight... well... it's great isn't it! )

Ok this window... no fancy indicator... but I have attached high and low of previous one hour to the 5 min chart... now can you tell where you would buy and where you would sell?

1. Would you buy/sell at a break out?
2. Would you wait for traceout once breakout has occurred?
3. Where would you place your SL/TP?

Ok - Now I have attached 240 (Previous 4 hours - thicker lines) to this chart.

Does this help to see where price is heading? Does this answer some of the above questions?

Ok - Now I have attached 1440 (Previous days high and low - green and yellow lines) to this chart.

Does this help to see where price is heading? Does this answer some of the questions in post 3?

You can continue adding weekly and montly timeframes onto your chart to see where setups could exist... anyway... for now... I am off too bed... and lets see how tomorrow develops... I might be on the site from time to time during UK hours but not be able to respond to all posts, due to work and home... but I will try my best.

Regards,
Vip

Ok lets look at the trading possibilities for today:

1st Arrow:

We get a break of the previous hour, we could enter then, but SL seems high, so I would avoid this.

2nd Arrow:

We get a retrace and I would enter on the pin bar and place a SL a few pips below the low of bar and move to break even once we get a break, this trade would have been stopped out.

3rd Arrow:

Price has been breaking yesterdays low a few times, wait for the retrace with a tight SL, just above yesterday's low and the trailing SL would be the hourly highs and we would still be in this trade.