Silly question since it's easy to figure out a method on ones own but really though how do you determine trend direction for the move you want if for example you could have an uptrend on a 1 hour chart and a downtrend on an h4 or uptrend on h4 and a down move on a daily or the market is sideways and h4 says one way and daily says another etc? I know there is multiple time frame confluence but...the fact is waiting around for these signals sometimes elimiates the move...usually pullbacks are too deep in 1 area or another...example..a pullback could be great on a daily chart and on the h4 its just not in line..etc...so what do you do?
Well, first off...you'll never know for sure, or atleast w/ a very high or confident degree of certainty. You have to constantly have an open mind, and be prepared for how the market will throw at you. and act accordingly at that present moment. Basically try to have a macro, big, wide viewpoint...imagine...you're looking at the DOW's day chart After the market has closed. Only then is it Crystal clear...and you can kind of then...more or less...have logical reasons why the market behaved the way it did that day. It's not enough to trade solely based on blind ...silly...indicators and what not -- you need to have a certain degree of foresight and intuition. and rationale. Happy trading, Ace
but if i include my intuition it feels too much like luck and I don't want to really incorporate the luck element into trading.
The higher TF is the more powerful, consider the lower in terms of a pullback and not a reversal. More often than not, that is the case.
but even there i seem to have a dilemma. some good pullbacks happen when the h4 isnt there but the daily is and then sometimes the h4 is incorporated.. so which do I go with? I guess h4 if daytrading and daily if holding for days? what do you think
Again. the higher time frame rules, look for entry on the lower one. Just decide which tf's are part of your plan, more than 2 or 3 and you will always have time frame conflict and will always have a reason to take...or not take a trade. Signals need to be clear.
okay one more question then if you dont mind. what do you do or look for when a deep pullback is happening even if you're trading with the trend and when it will stop perhaps?
How do you determine trend direction? Lines - either based on tea leaves..., or P,V, &T Can't recall exactly which at the moment Yeah - every tic - it all the same PA no matter the TF Cut a pie in 8 slices..., or 128 slices - it still the same pie Slices from each placed side by side do "appear" different - but it still the same pie RN