Disliked{quote} Dear Emm, I believe it is now best to trade the daily chart from most of your advice on this tms thread. Can you please give a brief over look at what your steps are when taking the trade on the daily tf, but not me/me because as a newish trader this is too advanced. Thank you very much.Ignored
Hi,
Trading H4 and D1 chart would be better. Many traders who try trade H1 and below did not make it no matter how hard they try. This only make them lose confidence in the method. People who wants to trade low timeframe are looking to make money fast. Some do not have the patience to trade H4 and d1 charts.
It takes time for the newly painted wall to dry, but when the paint get dry, you see the true colour emerge and the beauty of the paint job. Hence trading H4 and D1 to these traders is like "waiting for the paint to dry ".
When you are looking for trades, first thing is look at the TDI. You do this for different timeframes. Think of the benefits in using the Triple Screen Trading technique.
Once you have done this, it is quick and easy to decide if there is any trade opportunity or not, then you move to the next pair chart.
But when you decide on taking a trade.
the No.1 importance is to look at the Price Action.
then No.2 is the TDI for confirmation of the PA and price momentum.
Always have a view what the next higher timeframe is doing when you decide to take a trade setup.
Study all the different entry and exit strategies and use them for money and risk management. This will make a difference how you will meet you financial objective in your trading business. Think of how to make your money work for you. Think like an investor and trade like an investor.
Single Entry/Single Exit SE/SE
Single Entry / Multiple Exits SE/ME
Multiple Entries / Single Exit ME/SE
Multiple Entries / Multiple Exits ME/ME
Each of the above has its pros and cons. You need to weigh them and decide which will help you achieve your goals.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett