cfabian wrote:Check this out...
While studying some charts, I saw the inconsistency between Zap's charts and mine. He uses FXDD and I use Interbank.
His last trade, on H4 it clearly shows a ZL which was his entry point, and would have been an exit point from previous trade. I could see that in my H1 chart, but not on H4.
Now, the point is, in with Intebank you may consider 1.6481 area an entry/exit point, but you can clearly see on FXDD that that zone was already used.
This is only to show the importance of flipping between timeframes. If trading H1, at least go see H4 and 30M to see what's around. At least that's my observation.
Have a great weekend!!!!!
This is just the way I do things!
If you do things differently then you are not "wrong"
I start with a 1 hour chart and create 2 hour bars with Blubbb's Custom Candle indi.
I pull the back vertical to either side of the other vertical line to see which picture has more flow (it is opinion so don't ask).
When I am satisfied I will move the back line one candle into the past creating a 3 hour candle.
I will then check even higher TF momentum by pulling the back line to the middle of the custom candle's body creating a 5 hour bar.
I will then capture the prev. candle to create a 10 hour bar and then it is back to the 2-5 hour time frame.
From here you can do your self a favor and create 10 hour bars with a period converter and then start combining those as you did the hourly bars.
So you will have a 1, 10, & 100 hour chart which should be all you need when using Blubbb's custom candle indi.
I like to set the fibo tool to 1 with %$ in the description for horizontal lines with price shown above the line.
Mark off significant areas and the drop to small TF charts.
It is nice to write down the prices on note paper with a description of your possible actions (depending on the magnitude of the TF) should price reach that area.