I try and trade too many pairs and end up missing too many good moves as you will have read in some of my previous posts. So this week, I am going to only focus on CL, and, only look to take trades at the better zones, i.e ones where there has been strong moves away from a possible S&D zone with RPM bars. This should stop my preponderance of taking stupid counter trend scalps
However, I will continue to carry out my end of day hindsight analysis on the other instruments to continue my education of how price moves on each of them.
As an intraday trader, I concentrate on levels formed on the day or from the previous day using the 1K and 500 tick and volume charts and also the 5 min chart. However, recently, I have been looking further afield using a bigger Volume and Tick chart (5K) to get S&D zones. From now on, I will also use the 4hr and 1 hr charts and the daily charts to get a bigger picture overview.
By looking on the smaller time based charts and smaller tick and volume charts (500 and 1K for both), I have 'tunnel vision' and miss out on seeing important price action that is available on the 4hr and 1 hr charts, especially corrective moves back into a good S&D zone. .
By carrying out this analysis today, it became very obvious that the larger timebased charts are better than the small tick and volume charts for seeing corrective moves back into S&D zones.
Although, I trade counter trend, when the opportunity offers themselves, I prefer to trade in the direction of the impulsive moves and against the corrective moves (except when I take stupid CT scalps) as there is a higher probability of the trade working and also have a larger profit potential.
So this is the way forward for me.
Nb, using the daily chart, I could see why we had a bounce up of 280 ticks on Friday, as it was the swing low from last October.
So here are the charts with zones I will be looking at tomorrow.
No comments:
Post a Comment