Looking for trades on higher TF's suchs as H4 and W1 gives you a little more time to analyse and take your time entering a trade. You might find that at the begining it is always better to not enter a trade and watch it go in your direction than rushing in and watch your trade go totally against you.
Mastering the timing and selection of trades improves only with experience, but we are doing our work to get there, right?
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Thats true. Trading is a skill that develops in time. There are many parts which must be fitted together in order to achieve success. Larger TF´s give some time to think. Now I have to go to sleep (gmt +2) before the London session starts a new trading day again.
Several hours of consolidation here. I like it when consolidation occurs around the H1 4C setup...makes it stronger.
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Do we trade the breakout of consolidated areas, like this one? I thought we only trade the breakout of the first four 1 hour candles for the trading day of the brokers timezone that is used (GMT +1).
Do we trade the breakout of consolidated areas, like this one? I thought we only trade the breakout of the first four 1 hour candles for the trading day of the brokers timezone that is used (GMT +1).
Thanks!
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You can trade any type of consolidation, but LG points out the 1H 4C in her tutorial. The longer consolidation, the higher the probability of a very nice BO.
I like seeing s / r levels more as areas or zones than just plain lines, here you can see how that level around the red line repelled the price repeteadly in the past, and even the zone PA is at right now is kind of a resistance. This doesn't mean we should or shouldn't enter a trade, that's up to every traders discretion, but it advises me to watch PA closely around this levels.
You can trade any type of consolidation, but LG points out the 1H 4C in her tutorial. The longer consolidation, the higher the probability of a very nice BO.
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Yes I see, thanks for clarifying that for me.
So if I was looking at the start of the broker trading day, and a wide range in pips existed between the 1st and the 4th candle, 50 pips for instance. This would not be the best pair to trade if it broke out of that 50 pips H1 4C BO.
Best to look for areas of consilidation, I get it!
Would you still be wanting it to be at least 4 x 1 hour candle of consolidation?
My charts are a little bit different so I have no setup yet, but nice call. Best of success to you. If my chart gives a setup I'd watch PA closely around that red resistance above your entry...
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Thanks, GBPJPY exited at +44 pips.
Looking to get back in if it also strikes H1 4C BO which it looks like it might do.
Trade What You See - Almost Naked Trading
