Hello Forex Factory!
I have been trading for sometime now and wish to delve more into intraday trading, just looking for a bit of advice. I recently read 2 books by Steve Nison on candlestick charting patterns and found it very informative and I hope to use some of the techniques I have learned in my upcoming trades.
My question is in regards to support and resistance on the 15m charts. I have grown accustom to the hourly time frames and higher, which in my opinion are easier to plot significant support and resistance. However seeing as the 15m chart will show a smaller sample of the price data, I am struggling to define what would be significant s/r?
I have read that plotting s/r areas onto the daily chart and then lowering the timeframe, using them to trade intraday would be the correct methodology? I have thrown a few lines onto a chart but it seems trading off these levels doesn't happen often and you'll tend to see price move in between these for quite sometime. I'd like to think I'm relatively patient, but there are several trades going a miss that I may have taken based on candle patterns, shorter term s/r and indicator confirmation.
Any insight would be much appreciated
I have been trading for sometime now and wish to delve more into intraday trading, just looking for a bit of advice. I recently read 2 books by Steve Nison on candlestick charting patterns and found it very informative and I hope to use some of the techniques I have learned in my upcoming trades.
My question is in regards to support and resistance on the 15m charts. I have grown accustom to the hourly time frames and higher, which in my opinion are easier to plot significant support and resistance. However seeing as the 15m chart will show a smaller sample of the price data, I am struggling to define what would be significant s/r?
I have read that plotting s/r areas onto the daily chart and then lowering the timeframe, using them to trade intraday would be the correct methodology? I have thrown a few lines onto a chart but it seems trading off these levels doesn't happen often and you'll tend to see price move in between these for quite sometime. I'd like to think I'm relatively patient, but there are several trades going a miss that I may have taken based on candle patterns, shorter term s/r and indicator confirmation.
Any insight would be much appreciated