Almost +1.8% to my account.
Naked Chart Trading with Price Action 8 replies
Naked trading using price action 0 replies
Price Action on Naked Daily Charts 13 replies
Thanks for your kind words, appreciate it.
I do trade the Weekly and Daily charts (but obviously it's rare compared to inter-day trading).
DislikedIt is hard to relate because the entry and exit were on two different time frames.
However, I believe the reason was the previous price action, the purple line that served as a resistance line will probably change into a support line.
Thank you for the inspiration and the light you bring into this forum.Ignored
Think of this in the following way, we enter on a lower time frame but exit on a higher time frame.
Reason is that the higher the time frame the more solid orders are around those area.
Think to yourself, where do you feel more confident trading, the 1H chart of the Daily chart?
This is also the reason why inter-day traders trading the 5M chart will burn their account in no time.
Thanks for showing how you would analyse the set up on the daily charts. It's informative and makes sense to me.
In fact I did take the NZDCAD short and it's making some pips now although the timing was a bit late. Pls see the chart.
This is Oanda so the bar formation may be a bit different due to the start of the day that are about 5 hours behind most of other brokers.
Pls do post more as you found a set up on the daily/weekly bars.
Have a nice weekend,
DislikedIt makes much sense, Yaniv. I will think about this very often from now on whenever I trade. (spotting an exit on a higher time frame).
You are so right about tiny time frames that tell you too little about the market bias. I have made a decision earlier when I started learning forex, not to ever touch 1min and 5min frames.
It is very tempting for us beginners to jump to 1min frames because it seems full of visual action, but I know it is so fake.
Again, I thank you for the time and effort, and please (if it is no trouble), try to provide...Ignored