After the blast of crude retraced and we dint get any d setup but quickly we got another A setup before Trend changed and crude went long mode and gave another A setup long and then again some choppy action as trend again reversed and another A setup Short.
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As promised from this week onwards m gonna do some examples of day trading... Now the characteristics of day trading are different then of scalping .. in scalping we just took one or two setups and we were done thats scalping but in day trading we are looking to build a positions till the trend Lasts .. So when u get a new trend change you start of with a B position then you add on other setups .. For this example i took GBPUSD example with 5min and 30min chart .. on 30min we got a trend change so we started of with a B setup then with an A setup and then with a D setup .. Now again there are certain variables to day trading like How many positions you want to build what will be your stop loss now that all depends on the individual trader for now lets look at entries and add ons i will cover the stops and money management in the later topics ...
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B setup:- Close below the ma on the higher timeframe
A setup:- Pullback towards the ma on the smaller timeframe.. then u can enter with different methods Fib indicators whatever u like i enter with the pa alone but that's just me
C setup:- this is the breakout trade in the direction of the trend so that's your setup
D setup:- This is mainly on double tops bottoms or Lower highs higher bottoms ..
Again this are just setup bar criteria you will need to go over setup rules to understand this .. Thanks
Happy trading hope it helps.
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Sorry everyone for asking stupid question. In your B set up u are talking close under MA for the short. For the long I would say the say set up would work if we are close above MA.
Now in my trading I use 2 MA's 20 and 50MA.
I trade in direction of MA's. when price is above MA's long under short.
I still having some issue when price in between MA's in that case I trade it as range, or just stay out.
Do you have any suggestions? BTW in my trading I use 3,12,24 min and 1 min to trigger entry.
Thank you for great posts.
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Yes for longs close above ma on the higher timeframe. When you think market is in range use price action what is the market doing ? because even if its in range it will make Higher highs or lower lows ... Determine the price action and take trades in that direction as market tends to breakout with the pa. Staying out is a great option there are many trend setups in a day so you dont need to take trades when market is in range for study you can try wad i suggested. 3 12 24 timeframe sounds good Have fun trading .. let me know if i can help in any other way. Thanks for reading Happy trading
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