To as many of my wonderful #trading friends as see this ;)
Merry Christmas & #God #Bless!
The initial, meat of the, fall on this one minute chart represents about 2 hours in time and, considering say an 88.30 entry and 87.65 exit, about 65 pips.
I have been working pretty hard, with this setup / market view, to try to see all time frames as one single movement of price action. All of my trades are, normally, loosely based on h4 & / or daily time frame, indicator conditions, etc.
However there is no reason that a 4 hour or daily time frame / candle cannot be traded effectively on even solely a one minute time frame as long as you have conditions that must be met. Preferably in the direction of the prevailing trend though small time frames can also be used to trade shorter term corrections with tight stops.
After trying this #FX #trading shiite for like 5 years now I, at least for the time being LMAO, have settled on the eMAs I like most. All of my charts, regardless of time frame, contain 5 200 eMAs (from 5 different time frames) and a 62 & 13 eMA.
(Note: the 62 eMA serves as a rough 200 eMA for a time frame one lower than current m5 62 = m1 200, h1 62 = m15 200, m1 62 = (simulated) 15 second 200 eMA lol, etc.
If you look I think you might find, as I have, that a 200 eMA is always respected wherever / whenever it occurs.. I think it may be an important part of the bankster market algo that I am attempting to reverse engineer ;)
I should mention the fib seen in picture is bearish, hence red ;) and drawn on h1 covering / encompassing Sunday's gap higher (ie; low to high)..
You can clearly see here that the trend is indeed your friend ;)
Hope you enjoy the chart, a Christmas gift ;)
Greg
Click for larger image
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