Quote:
Originally Posted by cwave
If you want you can switch the indicator 1, 5 or 30 minute to the weekly or monthly.
I saw what you meant on the Daily with the OB on the stochastic.
Should I be working with the 4 hour and daily in order to make the trade.
My understanding was to work with one or the other because you could pick up a retracement better on the 4 hour. Question is should I have comfirmation set-up on both?
Thanks again,
cwave
Here's that indicator:
Attachment 332 |
Thanks for indicator,shall experiment with it.
Should I be working with the 4 hour and daily in order to make the trade:
This is the individual traders choice. I personally work with 3 TF in conjunction with each other. My base TF is DAILY. I do my price analysis on weekly. What I mean by this? I draw my fib studies for S&R on the weekly and take note of weekly trend, higher highs or lower lows etc. Also I make note of any divergence as an early alert indicator to change of trend.
Then I enter on Daily looking closely at 4h to be in Synch. This will help with smaller drawndowns.
eg. When Stochastics is OB on both daily and stochastic then enter the trade and vice versa.
Sometimes I enter on daily and exit on 4h (this gives more profit and if I happen to be near the PC)
My understanding was to work with one or the other because you could pick up a retracement better on the 4 hour: Picking up retracements earlier is correct, but with the higher TF trend.
Your trend is your friend till it bends. There is trader's discretion as when you enter the trend. When I know it is close to a stong resistance I get out and stay out till I get definite clues to rejoin the trend. If it is start of a trend I will stay in longer.
Question is should I have confirmation set-up on both?
It is wiser and less drawndown. Fewer trades, but less of an emotional rollercoaster. The choice is yours.
If it is of any help. I am experimenting with the slope direction indicator kindly shared on the thread for this purpose of re-entry of the trade with the higher TF. TRy it on DEMo. This is a new indicator to me but there are a couple of traders on this forum who are comfortable with it. It may help to ask them more.
ALso from my experience, I go for the middle (meat ) of the trend and I am happy. I leave some on the table. MM is far more important in trading. Even down to 40% win rate with sound MM you are laughing to the bank. THere is a link in the thread for a MM calculator.
I hope I have answered your questions.
Trading is not a quick rich platform. DISCIPLINE and consistency pays.
Write down your trading rules in detail at each step and follow the checklist before you pull the trigger.
I have given guidelines in a previous post for a checklist. Please feel free to use it.