Timeframe I’m using 5 minutes for this but can’t post in this lower timeframe, but I recently found an example where the rules are aligned on a 15 meter timeframe.
Step 1 – 2x MTF(one set on 60min with 50EMA and the other on 15min with 50EMA) The 15min must be over the 60min for a LONG
Step 2 – Look for lower lows on the chart
Step 3 –make a higher low below the ZERO line that coincides with the lower lows of the chart. The line should not cross the zero line between these two points
Step 4 – Check MR Time frame (view between 0-20) and uptrendto at least 1
Step 5 – Turn upside down on the first green candle (circled)is the shopping area. In this example it is about to break the downtrend line. It is also possible to wait for a line break and buy when you try again.
Step 6 – Put SL below the support line by no more than 2%. Set profit target – usually 3: 1 R: R. to take
Step 7 – Sit back and watch these lovely green candles climb!
Can easily get stuck on charts in the lower timeframes so make sure you are always ZOOMED to 1 hour / 4 hours for a better overall picture. A simple gap analysis can help confirm the next general direction
It took me a month of gambling winners and losers to find these golden rules.
Don’t forget the Bolinger tapes! great for 1% snipe 🙂
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