I prefer to trade the 4hr charts at night. My broker posts new 4 hr candles at 10pm my time (Pacific), 2am my time and 6am my time.
My page when I open up my charts has 8 open charts. I just glance at the TDI for set ups when the new candle opens... If I see a set up... green just crossing red I'll take the trade, turn off the puter and go to bed. Four hours later (1:50am) my alarm goes off for the new candles and I take a peek... if I see a new set up I'll enter and go back to bed with the last alarm at 5:50am my time. I close all trades at that time and go back to sleep... There are enough set ups in a normal week to make 200-500 pips... Stress is zero...
If I do any day trading I'll use 1hr charts at news time. Any method and any timeframes are difficult and fast on the 5-15 min charts. That's where most traders get taken to the slaughter and the dealers know it which puts the odds in their favor...
I hate to monitor charts anyway. Even if I scalp the market I use 4hr charts with success....
4hr charts have less noise, less head fakes, less influence by any news. Just has a lot of benefits...
The key to building confidence is to study old charts... look at the TDI moves and how it looks on PA so every time you see that same set up you will know your odds for success are high.
My page when I open up my charts has 8 open charts. I just glance at the TDI for set ups when the new candle opens... If I see a set up... green just crossing red I'll take the trade, turn off the puter and go to bed. Four hours later (1:50am) my alarm goes off for the new candles and I take a peek... if I see a new set up I'll enter and go back to bed with the last alarm at 5:50am my time. I close all trades at that time and go back to sleep... There are enough set ups in a normal week to make 200-500 pips... Stress is zero...
If I do any day trading I'll use 1hr charts at news time. Any method and any timeframes are difficult and fast on the 5-15 min charts. That's where most traders get taken to the slaughter and the dealers know it which puts the odds in their favor...
I hate to monitor charts anyway. Even if I scalp the market I use 4hr charts with success....
4hr charts have less noise, less head fakes, less influence by any news. Just has a lot of benefits...
The key to building confidence is to study old charts... look at the TDI moves and how it looks on PA so every time you see that same set up you will know your odds for success are high.
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