The only tools we are going to use are resistance and support Lines, trendlines, EMA 10 and EMA 20.
The strategy step by step is the following:
1) In the 4hour chart we draw the support and resistance Lines of major levels. We also get an idea of the intraday trend.
2)Then, we are going lower to 1 hour chart. We try now to draw channels or trendlines. Again we are looking the trend. 4 hour and 1 hour should be the same.
3)We are moving forward to 15min chart. Here is the ''game''. We have obtain the short term-intraday trend from the previous timeframes. We are now looking for retracement moves. As we find them we are waiting for a strong candle. In our chart we can see that after a retracement, doesn't matter how big it is, the price go over the EMAs Due to our bearish trend we would place our short positios as soon as a strong bearish candle appears. By the term ''strong'' i mean a candle whose body is bigger than the last bullish candle (the more bullish candles it ''eat'' the better). This is the 1st condition to put a Trade. The second is the strong bearish candle to cross downwards the EMAs. I mean to close below them.
So pay attention on the 2 conditions that exists in that strategy. In the Top of the graph we can see an incorrect entry bar. Although the price go lower it is not as safe as the way i described above.
Trading is somtimes very simple. You do not need any indicator. And don't forget. The simpliest is the best!!!!
I am waiting your comment.....
Thank you for reading....
The strategy step by step is the following:
1) In the 4hour chart we draw the support and resistance Lines of major levels. We also get an idea of the intraday trend.
2)Then, we are going lower to 1 hour chart. We try now to draw channels or trendlines. Again we are looking the trend. 4 hour and 1 hour should be the same.
3)We are moving forward to 15min chart. Here is the ''game''. We have obtain the short term-intraday trend from the previous timeframes. We are now looking for retracement moves. As we find them we are waiting for a strong candle. In our chart we can see that after a retracement, doesn't matter how big it is, the price go over the EMAs Due to our bearish trend we would place our short positios as soon as a strong bearish candle appears. By the term ''strong'' i mean a candle whose body is bigger than the last bullish candle (the more bullish candles it ''eat'' the better). This is the 1st condition to put a Trade. The second is the strong bearish candle to cross downwards the EMAs. I mean to close below them.
So pay attention on the 2 conditions that exists in that strategy. In the Top of the graph we can see an incorrect entry bar. Although the price go lower it is not as safe as the way i described above.
Trading is somtimes very simple. You do not need any indicator. And don't forget. The simpliest is the best!!!!
I am waiting your comment.....
Thank you for reading....