lazygeorge wrote: adaseb wrote: lazygeorge wrote:
Im in this short on GU,could someone please tell me if im seeing this correctly...will post more charts in due course just to make sure im getting the whole zline concept....
could have also added more here looking at the 5 min.....am i seeing this right....any advice welcome.....
Yeah that was a good entry. Make sure it will break most recent low that was form about 4 hours ago.
Make sure it doesn't form support there.
If it does. GET OUT
Thanks adaseb,just wanna make sure about seeing zlines properly,i know you and es pip scalp on a shorter timeframe but you guys are very good.
what would you advise about which time frame to pull the trigger on,i understand about MTF analysis and knowing where we've come from
but my problem would be not quantifying how long to stay in a trade if i've taken a trade off a 1hr zline as oppose to how long for a trade off a 4hr zline.
Or is it as simple as no matter what zline it is,if i get a 5min candle close against me then get out...what im trying to say is do whatever price action tells me to do right???
The low you are talking about adaseb is aprox....4817??
i got out at 4818 for +35
It doesn't matter what timeframe you trade off extremes, support, resistance, zerolines, mightyzones, etc. The game is pretty much the same.
The only difference is that if you trade a daily chart you can hope to gain over 100 pips and use a larger stop loss such as 30-40 pips.
While on a 5M chart, you would rather be happy with 15-20 pips using a smaller <10 pip stop.
Timeframes fall inside other timeframes and so do all these mightyzones and zerolines. Hence if your using a smaller timeframe make sure you know whats going on, on a higher time frame.
Regarding where to exit thats a hard question to answer. We all would be millionaire billionaire traders if we all had good exits and crappy entries.
Set a target and see if it hits it, if it doesn't see if there is some support developing. Some people like certain number such as +100, so they automatically exit there.
Also if you enter a trade around this time, don't expect much movement since its the NY close. It's best to trade during the London-NY session. You can trade the asian session if you're a patient individual.
And yes I was talking about that 4817 support.