thanks for posts it becoming clearer. you asked "As soon as that happens...i draw levels on the 15 min. You understand how I draw them?"
I dont understand 100% how you draw the lines on 15min , could you expand on it bit please? so sorry to be pain dude.
much appreciate all your help.
dojirock wrote:newscalper wrote:One problem I've had with the 'if the higher timeframe bar is closing a certain way that's the way price is going' is this:
The same issue with waiting for a higher TF bar to close a certain way first at a s/d area - sometimes there isn't an inside bar close in the area, sometimes there's just a spike on M15 and it will shoot away. If you wait for an H4 close, by the time you're thinking of entering price has bombed to the other zero line and back. Follow the H4 in hindsight and once again you're getting hammered.
Your 1st comment... Hammered going long. We can all see up momentum?
Breaks the downward zline? ok.... If I was trading this 4hr chart...I ask myself, looking for longs...only enter when price is below the ema...
the next candle does this, is it enough, no. At that time its below the ema we dont know how far its going to go... Im not going to deal with the hourly right now...i will explain in 2 time frames...so i drop to 15 min for entry. The red vertical line is the close of the 4hr upward mbar. As soon as that happens...i draw levels on the 15 min. You understand how I draw them? Breakout and 50 percent level forms my zone. As you can see per my personal rule...it doesnt drop below the ema, so I can honestly say I probably would not have take this. I would have dropped to the 5 or 10 min to get a entry...but we can discuss that later... So you want an entry...well price comes into zone...i love to take trades that momentum enters the zone...as you can see it did...thats where my arrow is the open of the candle after the momentum into the zone. Good for 20+ pips....if your goal is 20 a day...your done! Some have pm'd me and said well its easy to draw this in hindsight... I use the same method all the time.....it works for me...no exceptions...why would i change it...to please others..not!!
Take what i show you and make it your own.