05/06/ · STRATEGY: The Best of EMA Crosses on S/R Time frames: 1hr and 15min Indicators: 5ema(close-red), 6ema(Open-blue), 20ema(close green), Daily, weekly, monthly pivot,Fibonacci retracement Weekly and Daily support and resistants, Breakout-Eagle Indicator. PAIRS: Anything traded online that respects technicals - Commodities, FOREX, INDEXES, SHARES ETC. SETUP 06/10/ · S&R visible on multiple time frames. Key level(s) on higher time frames, which is called “decision zone”. S&R level on 1 time frame above your entry chart. Of course, the opposite makes S&R weaker: less confluence, lack of key levels, and lower time frame S&R are not as important and indicate weakness. 2) Measuring Trend StrengthEstimated Reading Time: 9 mins Welcome to blogger.com's Reddit Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! We also have one of the largest forex chatrooms online! /r/Forex is the official subreddit of blogger.com, a trading forum run by professional traders
How to Choose Best Chart Time Frame to Trade Forex
Not suing support and resistance levels is a dangerous practice because you risk missing critical pieces of the puzzle and not fully understanding the price chart. Today we want to change that and offer you a unique and ultimate guide for support and resistance trading. If you learn Forex SNR, in our view, it will make your analysis and trading more robust.
The simplest way to think about support and resistance is this:. We wrote potential bounce or break. How high is this chance? But be aware that price reactions tend to be strong on higher time frames.
Examples of support and resistance levels are tops, bottom and round levels but this article will dive into more examples and which ones I use later on, top s & r time frame forex. Purple box shows broken support level becoming resistance top s & r time frame forex red.
Support and resistance lines are a key aspect of trading and it is one of the key components of understanding the market structure see paragraph above. Without it, traders would be lost in the woods, it would be the equivalent of driving on the roads blindfolded. Let me show you a practical example. The bearish momentum is indicated by the orange arrow on the image below. Mistake 1: they expect a support level to act as support even though price has already broken below the level or zone.
The same is true for resistance when price has already broken above it. Traders must look for unbroken support or resistance levels. Mistake 2: they use levels from a very long time ago. Always keep in mind that most recent price action has more weight and more importance. Support and resistance levels are more important if price has bounced significantly at this level in the past. So start on the right and then work your way back to the left. The truth is that this just creates a messy chart, which does more harm then good.
The market respects a support and resistance level by bouncing at this level. There are various ways of analyzing support and resistance levels. Here are the main categories:. Dynamic levels are support and resistance levels that changes when price action moves.
The same is true for the Ichimoku indicator. Here is a part of the list: moving averages, Ichimoku, Keltner channels, Parabolic, oscillators, Alligator, average true range, Top s & r time frame forex Math and many more. Image shows Parabolic green dotsKeltner Channel orange linestop s & r time frame forex, and ecs Murrey Math purple lines.
Fixed levels are support and resistance levels that do not change no matter how much price moves. The same is true for a top, bottom and Fractal. Here is a part of the list: round levels, quarter levels, tops, bottoms, Fractals, pattern levels, candle low, top s & r time frame forex high, candle open, candle close. This is different when compared to a fixed level because: a the fixed one does not change at all and b the dynamic one changes more rapidly.
The trend line is a perfect example for instance as it has a steady angle. The same is true for a Fibonacci level, the Fibs can be moved once the trader changes the tool. The Camarilla Pivot Points are a perfect example as well.
The Camarilla levels are changed automatically at each new candle, such as 4 hour, daily or weekly candle. In the image above you see the ecs Camarilla indicator, which has special features such as multiple time frame Camarillo levels. A pivot point calculator is not a relevant tool anymore. There are automated ways to plot the Pivot Points on the chart, without having to do the manual work.
You can download the Camarilla indicator and a handout for free by clicking on the banner below. Camarilla PivotsFibonacci, trend lines. Automated support and resistance requires no work from the trader whereas manual levels need to be adjusted manually. We certainly have our own favourite support and resistance levels… This will vary from trader to trader as well.
For instance, Nenad is a master trader with using Camarilla Pivot Points whereas my main tool are moving averages. CAMMACD and ecs. SWAT approach. It is a very accurate tool for spotting and trading support and resistance levels as you will see once you use it. There is also a paid version of the Camarilla indi, which is an advanved and enhanced version. This is obviously included in the ecs, top s & r time frame forex.
CAMMACD system. Download the Camarilla Indicator here. Please be aware that the entire Camarilla PDF is part of our ecs. START packagewhich you can find on the home page of Elite CurrenSea. The text below is just a small introduction. There are numerous types of pivot point indicators available: standard ones, Fibonacci, support and resistance, hourly one, Murrey Math and the Camarilla. The Camarilla indicator uses 6 simple levels on the chart.
These are named and calculated as follows:. I myself am a big fan of the Camarilla Pivot Point indicator. The Camarilla indicator is the best because:. The entire Camarilla PDF is part of our ecs. START package which you can find on the home page of Elite CurrenSea.
Here is a rough guide that I use for these charts:. These might seem like a lot but I do not use all of them at the same. Murrey Math Levels for filtering top s & r time frame forex the best indicator for the daily chart is the Murrey Math indicator, which is based on Fibonacci levels and octaves. It plots automated support and resistance levels and is also updated automatically.
Fibonacci tool for finding entries and targets: the Fibonacci levels are a music to my ear. They provide excellent and precise reversal spots, entry spots and targets.
Using them for a stop loss is useful as it provides an extra layer of defense. Moving averages MAs for bounce or break spots: the MAs are an top s & r time frame forex tool for measuring the psychology of the market and offer excellent break or bounce spots. The ecs. It plots key targets on the chart and traders can see where price is expected to be corrective or impulsive.
The next part addresses the most important question: how can traders take trades at support and resistance? Breakouts and bounce: candlesticks. The best way for traders to measure breakouts or bounces is by using candlestickswhich help measure the reaction of price in the decision zone or point of confluence.
Example: a bullish 4 hour candle above a 4 hour trend line with a close near the high will probably create a good breakout. Pullback: FIbonacci tool. Once price has bounced or broken, there could be a retracement first before price continues with the bounce or break. The best tool for this Fib levels. Example: a bearish break of the trend line and fractal sees a bear flag chart pattern correct up to the Continuation: trend lines, Fractals, MAs.
Once price has completed its pullback, it could be ready to continue in the same direction as the first breakout. Finally, pending orders and market orders are the two entry options. I prefer market orders as I often use candlestick patterns and candle reactions for entries. Pretty precise, but not as precise as you might think. Here are my thoughts:. For instance, the round level of 1. Of course, bigger round levels like 1. The same is true for all other support and resistance levels, including Fibonacci levels, moving averages, trend lines, etc.
How can traders trade them? Let me use examples to explain. Price patterns are the 3rd dimension within the triangle of analyzing the market structure and help explain the psychology behind price, top s & r time frame forex.
Key price patterns are divergence patterns, wave patterns, chart patterns, Fibonacci patternstime patterns, tend line patterns and fractal patterns. This is perhaps the most difficult question… but we do use a rough formula for making this decision. Patterns offer a 3rd angle to analyze the market structure.
The 2nd aspect of the equation is trend and momentum. The presence of a strong er trend or momentum increases the chance of a break. Price patterns also play a role in measuring the chance of a break or bounce:. The four steps above are not a simple math formula, unfortunately. But with time and experience, it does become easier to recognize what is more likely.
Forex Trading the Daily Chart: How to Catch BIG Moves! ��
, time: 12:19What is the best timeframe to trade Forex? | FXSSI - Forex Sentiment Board
Medium-term Trend Trading – In this strategy, the trader identifies the trend within a time frame that usually can last from a few weeks to a few months. For example, the long term trend can be higher, while the medium-term trend might be sideways, indicating to the trader to trade within a blogger.comted Reading Time: 3 mins 16/10/ · Recommendation: The best timeframe for day trading in Forex is any timeframe within the 5-minute and 1-hour. Some day traders also use the 4-hour or daily timeframes to get a broader overview of the general market blogger.comted Reading Time: 8 mins 05/07/ · Top s & r time frame forex /2/26 · 60 EMA above EMA. Wait for the Robby DSS Forex oscillator to turn back above 20 from below. Wait for first Robby DSS blue dot. Buy the currency pair at the open of the next candlestick. Place stop below the most recent swing low or pips below entry (whatever comes first)
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