Trying to learn this system and my chart for today looks like this
Please correct/ help me on the followings...
A : 5 minutes candle green = go long
Draw TL line using 4th candle
1 ? : Do we exit here as resistance is formed or wait for TL break
2 ? : just 4 points above its formed again .. same question as above
Do we go short immediately at resistance or wait for TL break ?
B: TL break = Exit long, Go short
3,4,5 : Support formed without TL break , do we exit short at any of this ?
C: Exit short, Go long
D : Exit long, Go short
What to do in area like 6
E : Go long and exit at 3:20 PM
Thank you!
1st P is at 5th candle & not 4rth. see chart
At 2 no double top as its a PH ( Candle wick hidden by line)
Is it off line drawings?
At 2 its a sort of trippe top. SO you be cautious. You can exit to
preserve profits. But we dont know what wil be next move.
If it goes higher- you have to enter another trade
To start with just go by trend by PH & PL... (Level 2 u learn finer
things.)
No we dont revesre short as tripple top does not mean trend change.
It only means a strong resistence point. It can definitey be overcome
Then you will be left out. Wait for PH PL PH to unfold
Chart shows where your short would have come.
By Pivots- you ony exit ongs at B. Short comes later as shown
3-4-5.. You exit shorts only around 5 when trend is broken.
No - no long at c & d . You long & exit @ pink arrows ( loss)
IN your circles area, there is chaos. No definite trend. So here avoid
trades. You will be whip sawed.
At end of day- not adviced to take trades. However, if you made good
money thru out the day. No harm risking a "small" profit if you sense
opurtunity. Nt here by pivot rules.
IF YOU HAVE DRAWN THIS OFFLINE.. YOU HAVE BENIFIT OF HINDSIGHT.
Do mark out pivots in live trade. Then you will see trend emerging as you
join pivots. Please revisit - Kiss in theory post above- start live with
learenrs license.
Disregard all previous day news etc. See we had a gap down , but the
market moved up.
Regards :thumb: