MightyOne wrote:Trade off of price extremes in the direction of the bodies, it is as simple as that.
H4 closes higher than something, bias is long.
H4 closes red, but not lower, bias is long.
If you see something different then do something different.
I used to trade ONLY daily, weekly, & monthly charts so I know that there are only
two good ways to trade them:
1) take units off (shed) when in profit
2) trade vanilla options
...
and spread trading so make that 3 good ways
Over time I found that 'trends' are nothing more than range expansions, large charts are nothing more than their extremes, &
that price can only move down from the high extreme or up from the low extreme...a hundred or hundreds of pips.
To simply have a stop at a long term extreme is to trade a long term chart; price is the same over all periods.
Bodies show the way by closing over 'something' and trades are placed when price engages a horizontal line.
Trades are placed within space & every price within your maximum risk is a valid entry.
Although orders are placed according to horizontal lines, money is made with ideas of statistical significance...like limiting your losses
Personally, I just take two long term points and watch M5, M30/H1, D1.
I consider the weekly median range as well daily potential.
I trade within space according to the direction of profit.
My trading is extremely TROmatised
Im TROmatized after that post. lol
