Hi Tyger ..would you mind explaining a bit or giving your thought
process , regarding entry signals ..etc ......Thanks
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- TygerKrane
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dchappy wrote:Hi Tyger ..would you mind explaining a bit or giving your thought process ,
regarding entry signals ..etc ......Thanks
Hey dchappy,
Sorry to take so long, not trying to be a dick, just that I wasn't sure how much detail you wanted to hear, plus, I never tried to explain it to anyone before, plus, I use my own terminology when I talk to myself about chart formations, so I had to think a bit about how to translate/simplify.
So here is my attempt.
I consider PA direction changes as Retracements *first* ALWAYS, and then if it goes beyond a certain range, I will consider it as the new direction.
As for H3, I rarely make a decision based on a previous pivot or 'distant' MZ, mainly focusing on PA in the current swing.
I draw my bias lines (horizontal) based on the H3 chart, if bias lines cross, I will choose a line and direction that favors trading with the overall direction of the H3 chart. My H3 bias lines often correspond to certain patterns on the Heikin Ashi of the H3 chart, but HA is not what I go by.
----
I have my H3 direction:
QUESTION-> is M30
currently going in the same direction /
in a Retracement phase (by my definition of retracement) /
or,
trending in the opposite direction of the H3
In trying to trade with my H3 bias;
Catching the end of the M30 Retracement is different than Catching the end of an M30 counter-Trend in that...(can't put it into words just yet.)
<<Well, one difference; during M30 Retracement I mainly look for momentum on M5. During M30 counter-Trend, I need to see certain things on M30 as well first.>>
Certain PA patterns on M30 to alert me to switch to M5 to look for entry.
Look for certain M5 PA to start placing my entry orders (Buy Stop?/Sell Stop? ; the one where PA has to be going in your intended direction to trigger it...I never use the pullback entry orders), or I make a manual entry.
Sometimes I use Heikin Ashi on M5 when I'm feeling lazy...to mark points to alert me that the M30 counter movement is probable to be exhausted.
**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!
- TygerKrane
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- TygerKrane
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