The Methodoly and Psychology of my trades
Day in day out, price keep obeying us like crazy. It's my utmost wish that price keeps to obey all in this community like this.
My piece of advice to you, if you want to be a successful trader, don't trade against the trend. First off, determine the trend.
To determine the trend help to minimize the risk involved in trading.
You determine your overall trend by checking the higher time frame: daily, H4 and Hourly. These higher TFs is what I call the "market screener".
When the RSI is above the 50 levels, it is consider as higher time frames TFs, then the trend is figured up. And the bias is to go long. You then go to lower time frame like 15M to check for a pullback to enable you draw your supply trend line. As soon as price close above this trend line, you trigger a buy. It could even be in M5 chart.
For a sell scenario: RSI will go below the 50 levels for the "market screener", to establish a sell bias. Then look for a rally in M15 chart for an entry trigger after a close below your demand trend line.
Take example from the below chart review i gave on GJ on 17th May. The bias was to sell.
On Wednesday 17th of May, GJ went up to 160 pipe which covers its average daily range.
Thanks for reading
More ideas and support is always allowed.
Welcome to Steem @emex I have sent you a tip
Thanks so much
Hi ,I m a part time forex trader,
A couple of questions for you,
Really appreciate u can answer my question.
Good luck in earning pips
Hi enlighttenk, follow me my next post will answer your questions
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