15m Chart Trade Identification

To summarize about the things to look out for on the 15m chart I always conduct a little mental checklist.
You may wish to write these things down and tick all the boxes because it's new. However, once youhave been practising this system for a while it will become second nature, I promise.

1. Where are my red and blue moving averages. Are they a buyers market (red above blue) or a sellers market (red below blue)
2. Where is my green moving average. Is it in formation? 
3. Am I above or below the Pivot point
4. Is my MFI a buy or a sell?
5. what does my RSI tell me?

Let's assume we are looking for a buy. The Red is above the Blue moving average. 

• The Lilac/Purple 320 must be out of harms way
• The Price must be above the Pivot and not above resistance 2
• The MFI must be within the horizontal magenta lines, not above the red 90 yet must be touching or above the 80
• The RSI must have broken up through a resistance line OR must have fresh air above.

As I mentioned in an earlier post from today whilst demonstrating the moving averages, I remember mentioning that the averages were potentially set-up for an upward move later....

Here's a perfect opportunity to have made some money (as indicated  with bubble and arrows)

Go over the checklist......

Green above red, check

Red above blue, check

Lilac below and out of harms way, check

Price above Pivot, check

MFI above blue and not overbought, check

RSI breakout and fresh air above, check

That's the kind of set up that will make you money at least 7 times in 10.

Remember if you are risking 10 ticks to make 25 you don't need 100% success 100% of the time!

Have a study, have a look at your own charts. I will come back tomorrow and we'll break down the 1 minute chart.

Have a good day