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This is by far the most clearest explanation of exactly what I’ve been trying to search/understand, thank you immensely and may karma do you what you’ve done for me 💯
I trade forex on 15 minute chart.I would think that to determine trend direction I should look for trend only on 1 hour chart & 4 hour chart(both).However trend on daily chart would be too far removed from field of action/activity.Then I could enter position using finer 5 minute chart when its direction aligns with trend determined on 1h,4h.Please comment how would do it--this question is for trading forex only.
The thing about these is what timescale do you apply? You might see one pattern in Hour and another in Daily, this is where I struggle with technical analysis.
So, as a newbie trader trying to learn. Would it be a bad idéa to look for flags, putting a long trade order slightly above where it should (hopefully) break through and also putting a trailing stoploss that follows that trade when/if it starts to increase in value?
I have a feeling here. The line chart could be better to use for this than candle sticks? I have worked mostly on short time frames, scalping. Maybe I am blind, but I have never seen any of these on my charts.
When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam. When this pattern is found in an uptrend, it is considered a bullish pattern, as the market range becomes narrower into the correction, indicating that the downward trend is losing strength and the resumption of the uptrend is in the making.
