How to make 120 pips in one day! Part one - page 2
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closing candle time frames
thank you for your question in regards to when a candle closes.
This method will work on any timeframe you use however I choose to use the 30 minute and one hour chart trading the Forex market.
specifically, I trade euro/USD and GBP/USD because they are the most stable.
When I developed my trading method I noticed that if I would have only analyzed closed and completed candles it would have prevented most of my trading mistakes when a candle is live and moving around which at times can lead into false breakouts or head fakes.
It is a system or structure that I applied to myself rather than something that actually is created from market principles. What I am doing with this technique of only analyzing closed candles is applying discipline which also includes incorporating economic data if it is available during the time a 30 minute candle for example is open.
Try it on any timeframe and the way I began using it is,
at the end of each week, I would review my charts on a 30 minute or one hour chart. This of course was when the market was closed and if you move one candle at a time identifying support and resistance, trendlines and anything else including candle patterns, you may notice that it is much more easier to identify entries simply looking at a closed completed candle.
It takes some of the emotion out of waiting for an entry.
If you have any other questions please let me know, I would be happy to share my thoughts.
LC
consolidation, near its peak -- bad bad boy
just give it up
and trust your indicator, (closing candle -- it never say which TF M15 or H1 candle to close)
never trust your impulse buy -- it is what he is talking about
The challenge with trading breakouts of consolidation is trying to avoid false moves or head fakes as they are sometimes called. There are methods that can help you identify a possible head fake. One of the first methods I use is watching my indicators. If I see some divergence between price and the indicator, I will usually treat the moves out of consolidation with caution.