The Disciplined Trader
How to Enter the Chart for Intraday Trading:
1. Identify Candle Closure:
○ Look for a candle to cross your predetermined zone and close beyond it.
2. Validate the Break:
○ After the candle closes, if the current new candle breaks the previous high (for buys) or low (for sells), the trade is valid.
○ Refer to point 4 for additional confirmation.
3. Use Higher Time Frames:
○ Use the H4 chart for more accurate results and to identify stronger levels.
4. Wait for Retest:
○ Always wait for a retest of the broken zone before executing positions. This helps avoid getting caught in fakeouts.
5. Intraday Focus:
○ Remember, this strategy is specifically designed for intraday trading.
6. Consider Volume Spikes:
○ Be aware that during high-volume periods (e.g., London open, NY open, NYSE open), there might not be a retest.
7. Set Stop Loss:
○ Use a stop loss of 30-40 pips to manage risk effectively.
-THE TRADER'S HUB FAMILY-
How to Enter the Chart for Intraday Trading:
1. Identify Candle Closure:
○ Look for a candle to cross your predetermined zone and close beyond it.
2. Validate the Break:
○ After the candle closes, if the current new candle breaks the previous high (for buys) or low (for sells), the trade is valid.
○ Refer to point 4 for additional confirmation.
3. Use Higher Time Frames:
○ Use the H4 chart for more accurate results and to identify stronger levels.
4. Wait for Retest:
○ Always wait for a retest of the broken zone before executing positions. This helps avoid getting caught in fakeouts.
5. Intraday Focus:
○ Remember, this strategy is specifically designed for intraday trading.
6. Consider Volume Spikes:
○ Be aware that during high-volume periods (e.g., London open, NY open, NYSE open), there might not be a retest.
7. Set Stop Loss:
○ Use a stop loss of 30-40 pips to manage risk effectively.
-THE TRADER'S HUB FAMILY-
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.