Things to consider on this trade plan 1. stochistics 4hrs not yet fully pointing up
2. Stochistics 1hr already on the over bought zone possibility to go down is high
3. resistance both 4hrs and 1 hr if this will not hold trade on the green area
4. Trend it is still down trend so better lesser your trade value and always have a trailing stop. 5273105 rule will be best for safety
5. Dig Dip on Fundamental.
Unless you are not an expert swing trader, a trader that can trade both Up and down regardless of Market trend may i strongly suggest you trade on trend
For me to find out current market trend on different time frame (time frame topic click me) I use 200 SMA and 50 SMA. the question is why 200 and why 50 - pls search that on google you will have tons of reasons. this are the most common used and proven calculation on Moving Average.
When ever i go against the trend i make sure i have a stong dip data research on fundamental which I will believe that this could really change trend. However the bad side on this is currently I have difficulty setting up the the stop lost (need to improve more on my skill in this one)
Video below is my trade plan and i use the trend to my favor thats why im waiting for this to go up both 4hrs chart and 1 hr before ill find my entry point in 5min chart in going down. see the video for detail explanation
Every time frame have its relationship, if ever you are looking for direction better look on different time frame. Point of entry time frame must be seriously considered. For it will tell you where exactly market is going. Relationship between them will give you better analysis and avoid common mistake like setting up stop lost.
Multiple time frame can also be used in different indicator or strategy on the video below i explain 4hrs time frame and 1 hr time frame which answer the question why does market go down even my 1hr time frame stochistic points up.
Believe me the technicality is the easiest part of trading. Reading of charts can be done even by my friend in 10 days. Creating a trade plan is just the baby steps. Laying down the number of potential pips is easy. Yet the ability to take the pips, the ability gather pips risking small amount is something need to be Practice. and that my friend is call SKILL. building skill takes time. confident on your strategy takes time. the ability to think straight given the situation and other harmful stimulus takes time. Right attitude even when all physical odds is against you is SKILL. You only loose here if you give up. Keep practicing, improve your strategy LEARN, DEVELOP and dont Give up.
this is the reason why they say only 90% is successful in trading. often times its not about the market but about your current situation. Damn mapuputulan na ako ng koriente pag di pa ako kumita...
