Leoheart wrote:LeMercenaire wrote:Most definitely the last for the day...probably
Came out of a TooSlow 1-2-3 set-up.
InkedEURJPYM5asHOLOoutof1-2-3set-up19thDec17_LICROP.jpg
Nice trading buddy.
What is that indicator on your charts? I am always up for playing around with H line Indis. So are you generally using this indi as S&R.
Ok, just checked the linked post and the indi on that is the HOLO one. The top red line is the high on the day. The lower (not-quite-as-red) red line is the new highest open on the H1 tf.
We are looking for price to break into that zone, the ''Area of Interest''. The official rule is then that we wait for an m15 or m5 (personal choice - you can even go down to the m1 if you really want) candle to open in that area. Once that happens, we enter as price crosses back over the lower level (in the case of a short, as here).
Now, I don't actually wait for the candle to open in the area any more. I use the ''dipping'' entry I used to use on similar methods back when dinosaurs ruled the Earth, which means I simply wait for price to return over the line, not having to have a candle open in there. That's my call.
You go short out of a red zone, long out of a blue one.
I do, as you have seen, use S+D Zones to add weight to any decision to go in and especially down on the lower time-frames, where I will use micro-S+D Zones to fine tune my entries.