DislikedLG and Co
Please have a look at this chart and tell me if I have the right idea. Only enter when the tap candle or any candles thereafter CLOSE in the colour of the intended entry and the 3 RSIs are all in the same direction. Are there any other conditions to look for such as candle shapes or formations?Ignored
It certainly helps if the tap candle has the right colour, else wait for the next candle.
Depending upon the price action, I do not wait for the close of the next H4 candle.
Because waiting another 4 hours can mean that you will be missing a large part of the move.
When entering a trade I normally switch to a lower timeframe (H1/M30/M15), so I can have a closer look at the price action.
In this specific example with NZDUSD, I would probably enter the trade at the moment the line is tapped and the price bounces back.
Because the uptrend is very strong, I do not wait for the next candle or a break out for confirmation.
I just assume that a BO will follow and a continuation of the trend will follow after the tap.
Observe the Heiken Ashi candles at the time of the tap, just before the breakout.
The candle turns into the wrong colour and drops to the lower part of the channel.
Hunting for stops and limits and trying to shake out the longs before the rally begins.
I call this the katapult, the perfect entry for a long trade