I use New York Close candles. www.fxlite.com or www.tradestation.com provide these charts. Each day when I wake up , I scan through the following currency pairs I identify any obvious price action signals such as an inside bar, a pin bar, or a Fakey setup. If I spot inside bar formations with the trend, I look for continuations, but if its against the mid term trend , I note a potential Fakey is in the making, remember, the Fakey setup is unconfirmed at this point, so that’s a pending trigger I note. After a daily pin bar I typically will wait for a 38-55% retrace of the pin bar to enter. If the market is trending, certainly I try to take daily pin bars instantly if the trend was already strong and moving fast.
I will have already had key support and resistance marked on my charts, but I will then amend these lines on the charts if things have changed overnight. A move in the markets will obviously change my key short term swing support and resistance, so I note thos e levels clearly. I tak e note of the current short term trend on the 8 and 21 day EMA chart as well as the 1 hour 150 and 365 EMA. I bring it all together and decide what setups I lik e. I decide if the mark et is at a trend line, following moving averages, or nearing obvious short term or long term horizontal support and resistance etc . Do the any signals occur near the relevant areas or did they form with the broader trend? If the market was previously going sideways, was there any obvious intraday trend move that broke a key support or resistance level overnight? If there was, I need to note that level on my chart.
Most Fakey setups work best with trending markets, or right next to support or resistance, or key retracement points, so the trigger is only taken if I can clearly decipher this Daily Inside bars are taken if they clearly form with an existing s trong trend, when I take an inside bar break out, ideally I want the inside bar to have been the tightest bar than the last 4 or even 7 days. (nr4 and nr 7 days ). The less nearby resistance or support , the more potential the inside bar pattern has to move in our favor, if there is a nearby level, you might want to wait for support or resistance to break before entering inside bar. Daily inside bars are noted regardles s because they can become a Fakey setup. If there is a strong trend on the daily chart, with a clear stepping price action in once direction, I will be actively looking to enter a trade in the direction of that trend, using a counter trend move to enter at the 8 21 or 50 day EMA “value” areas. This applies to the hourly trend charts as well. Daily pin bar with an inside bar after it is powerful and trigger is usually taken every time if the trend agrees, or if the signal occurs at or near a very obvious significant key horizontal level.
I will have already had key support and resistance marked on my charts, but I will then amend these lines on the charts if things have changed overnight. A move in the markets will obviously change my key short term swing support and resistance, so I note thos e levels clearly. I tak e note of the current short term trend on the 8 and 21 day EMA chart as well as the 1 hour 150 and 365 EMA. I bring it all together and decide what setups I lik e. I decide if the mark et is at a trend line, following moving averages, or nearing obvious short term or long term horizontal support and resistance etc . Do the any signals occur near the relevant areas or did they form with the broader trend? If the market was previously going sideways, was there any obvious intraday trend move that broke a key support or resistance level overnight? If there was, I need to note that level on my chart.
Most Fakey setups work best with trending markets, or right next to support or resistance, or key retracement points, so the trigger is only taken if I can clearly decipher this Daily Inside bars are taken if they clearly form with an existing s trong trend, when I take an inside bar break out, ideally I want the inside bar to have been the tightest bar than the last 4 or even 7 days. (nr4 and nr 7 days ). The less nearby resistance or support , the more potential the inside bar pattern has to move in our favor, if there is a nearby level, you might want to wait for support or resistance to break before entering inside bar. Daily inside bars are noted regardles s because they can become a Fakey setup. If there is a strong trend on the daily chart, with a clear stepping price action in once direction, I will be actively looking to enter a trade in the direction of that trend, using a counter trend move to enter at the 8 21 or 50 day EMA “value” areas. This applies to the hourly trend charts as well. Daily pin bar with an inside bar after it is powerful and trigger is usually taken every time if the trend agrees, or if the signal occurs at or near a very obvious significant key horizontal level.
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