But for the rest of us there are patterns and indicators that help us decide to initiate entries
and to help us increase the odds of completing successful trades...You can use just a
single chart and succeed but using multiple time frames can greatly increase
the probability of taking a winning trade while also limiting the risk involved.
and to help us increase the odds of completing successful trades...You can use just a
single chart and succeed but using multiple time frames can greatly increase
the probability of taking a winning trade while also limiting the risk involved.
Pages 1 thru 10 on this blog -- in depth discussions of continually repeating events.
In my experience, combining the signals from multiple time frames enhances
the odds of a successful trade. Knowing that an imminent trend reversal
was suggested by divergences on a higher time frame and entering on the signals from
a lower TF works in your favor more often than not.
When used together, Divergences, MOF's and MT SLINGS etc. are very powerful signals.
the odds of a successful trade. Knowing that an imminent trend reversal
was suggested by divergences on a higher time frame and entering on the signals from
a lower TF works in your favor more often than not.
When used together, Divergences, MOF's and MT SLINGS etc. are very powerful signals.
AND
Entering while price is still below a down-sloping trend line allows you to front-run
price reversals while precisely picking your entry price and controlling
potential losses with a very tight stop-loss.
price reversals while precisely picking your entry price and controlling
potential losses with a very tight stop-loss.
As an example I present the following description and charts:
60 tick -- The WHITE arrow shows the entry signals on the longer term chart
(also transfered to the shorter term chart).
1) Both the TRIX histogram and MACD histogram show divergence to price.
2) The MACD EMAs show divergence at the two consecutive price lows
and are sloping upwards.
3) The stochastic is in the over sold area and the "HOOK" paintbar printed.
30 tick -- The LIME arrow shows the entry signals on the shorter term chart
(also transfered to the longer term chart).
(also transfered to the longer term chart).
1) Price put in a higher low forming an MOF price action pattern
2) The MACD EMAs were sloping upwards as the stochastic "HOOKed"
forming an MT SLING pattern
Another example -- this time using the longer TF to confirm the shorter
"The trend is your friend" -- MACD EMAs reflect the current trend
"The trend is your friend" -- MACD EMAs reflect the current trend
