Lastly, we still have a CL failure on the most obvious fork - here in thick mauve/violet in a simplified chart. Forget moving the P2 to the right hand /alternative pivot (as in the thin mauve violet fork shown here) as even though it may yield some good reaction & median lines and is as valid as any fork - Price must still hit the CL of the correct thick mauve fork in order to avoid the reversals which in this example are at least 2 plus the one we are currently undergoing.
Do you execute positions by looking at 1 minute chart?
ReplyDeleteHi Ai Shiang, In answer to your question I personally always use these micro time frames (1 min, 5 min and sometimes 34 or 89 tick charts on Ensign)to enter a trade regardless of the trading plan and what TF it was conceived in and what the objective is. I simply do not have deep enough pockets to let a trade go against me past a certain predetermined level and would rather get stopped out and re-enter the trade later than carry a significant loss and loose control of my risk by continuing what could be a loosing trade. So i use these low time frames to enter a trade at the most economical level even if the objective is a level that can only be seen in a 30,60 min chart. I find that by watching the 1 min chart you can see incredible detail of the interaction of price with a reaction/median line plus the candles and pattern all can give you information that is just not visible in a single 10/15/30/60 min bar.
ReplyDelete