MightyOne wrote:TygerKrane wrote:[highlight=darkred]Looking for lessons on how to best handle the consolidation part...[/highlight]Waiting for outcome to compare with what happened yesterday...
Trying to cut down on my drawdowns. (and my overall horrible trading, lol.)
{even though my helpful note from Pablo101 said: "You guys really need to wait for MOMO"}
Are you starting with and trading based on a high TF chart?
If so then you will start off with a 1/5 or 1/4 position and increase your position size as larger periods of time close over stronger and stronger imaginary lines.
MightyOne,
I must admit
this is about as far as I usually look as far as higher timeframe goes. (When trading, I am visually focused on the M15/M45CC chart):
I feel, if I go look out on the H4 this is what I'll get, and don't think that little bit more will help:
And this is my chart in relation to a daily that I might pull back to: (I guess I check it out
occasionally, but I can't explain it, it feels weird trying to make decisions off of it
if my focus is the M15/M45CC
and if I am already getting as much info as I am getting in the blue rectangle.
And I'm not saying I disagree with anything you're saying, maybe, I just like the frequency of signals I get on the M90, and when I look at daily, it seems like I'm waiting longer for a signal, so it feels like I'm not viewing it correctly or doing it right at that timeframe...