Just a quick update to hopefully shed some light on the potential of set-ups.
We have seen on the 15m chart now a break of the 9.785 area. This should - if sustained - drag the green immediate term ema up over the red ema.
Until that happens this is an immediate sellers market (green below red), short term buyers market (red above blue)
Regardless of the MFI being slightly above the blue average.
Take a look at the 15m
It looks pretty reasonable doesn't it?
However, since the green is still below the red then a quick look at the 1m chart will show a completely different story
Yes, the price is pushing higher, but the averages are so disorganised there really is nothing to get excited about here.
Remember the check-list? Wait for the averages to align on the 15m and do not switch to 1m chart until all criteria of the checklist have been met.
Since we are using a pretty tight 10 tick stop loss, timing will often play an major role in whether one makes or breaks any given trade.
IF the 15m green ema pops above the red with all criteria met, then we wait it out on the 1m for all averages to create a uniform fanning pattern of green, pink, sky blue, red, blue. that's what leads to better hit-rate and ultimately, less failed trades.
More to follow as the charts develop
No comments:
Post a Comment