Higher-Lower time frame strategy
No indicators, no fundamentals. Just naked charts strategy. You can also use MAs if u r not good enough to identify patterns.
You only need to have skills to identify patterns. For example if u r looking at a chart, u may not predict accurate movement but u must at least understand the overall direction of chart. If u dun have such skill then use MAs.
Now go to daily chart and identify trend. Also see if the current level is equal or near to any previous significant higher or lower level. If not then you have 1 sign to enter trade. Go to 5hr or 4hr chart and check same. Then go to 1 hour chart and check same.
If all three charts give u same sign and u have total 3 positive signs then enter.
For this strategy u must use trailing SL.
I will also be posting latest charts to support my strategy.
The good or ill of a man lies within his own will. – Epictetus
I think "significant higher or lower" means resistance and support levels respectively.
Your strategy is mainly based on an assumption that :- Price respects support and resistance levels. I would love to see some charts from ur side.
Cannot understand this price action. Maybe sasha is right about it.
I am also waiting for charts.
Yes. I am collecting a few latest examples to show how my strategy works. But u r right about support and resistance levels. Highs and lows refer to them.
The good or ill of a man lies within his own will. – Epictetus
Originally posted by ironicalYes. I am collecting a few latest examples to show how my strategy works. But u r right about support and resistance levels. Highs and lows refer to them.
I tried to implement ur strategy but no signal found so far. Because there is always some higher or lower present. If it is not present then usually all three timeframes do not agree on one point. I think there is something u r missing.
I think I found wats wrong in it. I am also a little confused after reading this strategy. This strategy actually is about following trend but at the same time keeping in mind that no resistance and support level is near. It has to be checked on 3 timeframes. All this process makes it really hard for a trader to enter a trade.
Instead of 3 timeframes, only 1 timeframe is enough. Trend can be confirmed on 3 timeframes but if we also look for higher and lower levels then they will be different on different timeframes which will make entry difficult.
Originally posted by JogiI think I found wats wrong in it. I am also a little confused after reading this strategy. This strategy actually is about following trend but at the same time keeping in mind that no resistance and support level is near. It has to be checked on 3 timeframes. All this process makes it really hard for a trader to enter a trade.
Instead of 3 timeframes, only 1 timeframe is enough. Trend can be confirmed on 3 timeframes but if we also look for higher and lower levels then they will be different on different timeframes which will make entry difficult.
But with one timeframe, we may get many false signals
A good strategy is not about just the timeframe, but it’s more to do with balance. A good strategy can save us from a lot of disasters, so we should try to do that to be really successful. If we don’t do that, it will be hard for us to manage. I know how tough it can be with wrong brokers. As I myself have faced up with one such company. So we have to be very wise.