I was drawn to ChartFreak not by its clever logo, online ads, or well - written advertising emails, but purely by the objectivity, succinctness, and most importantly successes of ALEX's many real -
time chart setups.
Not exact matches
Although the daily
chart has always been pivotal for locating low - risk buy
setups, my extreme focus on that single
time frame was causing me to ignore the power of confirmation from longer
time frames (such as weekly and monthly
charts).
In the best, most promising stock trading
setups, all three
chart time frames (daily, weekly, monthly) will confirm the patterns of one another.
You should really dedicate yourself to learning all the nuances of one price action
setup at a
time on the daily
charts, once you do this and are making money consistently on a demo account you can then move on to the next price action
setup.
Remember, the higher the
time frame the higher the probability of the
setup, I wake up in the morning and preempt what is going to happen, or what I think will happen by drawing important levels on my
charts and making notes.
This process of mastering one piece at a
time should be repeated until you have mastered all aspects of your Forex trading strategy, in the case of my price action trading strategies it means mastering one of the
setups that I teach at a
time, on the daily
chart, before learning a new one.
Meaning, I check the markets two or three
times a day and look for obvious signals, primarily on the daily and 4 hour
charts, and if nothing meets my criteria for a trade
setup, I don't trade... I go do something else instead.
In the
chart example below, we can see another fakey / pin bar combo
setup that formed recently, this
time in the daily USDJPY
chart.
Many traders write in to me on email asking me about «missing trade
setups» on the 15 minute
charts or other small
time frames, if they are mainly focusing on the daily
charts and 4 hour
charts like I teach.
Chart Setup MetaTrader4 Indicators: StochasticStack.ex4 (default setting), insidebar.ex4 (default setting) Preferred
Time Frame (s): 1 -LSB-...]
You should really dedicate yourself to learning all the nuances of one price action
setup at a
time on the daily
charts, once you do this and are making money consistently on a demo account you can then move on to the next price action
setup.
Trading off the daily
charts is the best
time frame to trade because it filters out the «noise» of the lower
time frames while also providing you with some high - quality trade
setups to trade each week.
I have a trading method that when I follow it I end up winning 70 % of the
time but I do nt have the patience to wait for a
setup and I spend to much
time infront of my
charts.
Since I trade the daily
charts most of the
time, I run my stops according to daily
chart price action
setups and to the dynamics of the daily
chart price action.
Inside bars can be used when trading a trend on the 240 minute
charts or the daily forex
charts, but I personally prefer to trade inside bars on the daily
charts and I recommend all beginning traders should stick to the daily
charts until they have fully mastered and found consistent success with the inside bar
setup on that
time frame.
It's worth noting that prior to the formation of this pin bar, the weekly
chart had also formed a very large and obvious bullish pin bar reversal, so we had both
time frames in agreement, this is not always necessary but it does add confluence to a
setup.
Inside bars can be used when trading a trend on the 4 hour
charts or the daily
charts, but I personally prefer to trade inside bars on the daily
charts and I recommend all beginning traders stick to the daily
charts and until they have fully mastered and found consistent success with the inside bar
setup on that
time frame.
Chart Setup MetaTrader4 Indicators: eWAVES.ex4 (default setting), Alligator (default setting) Preferred
Time Frame (s): 1 - Minute, 5 - Minutes, 15 - Minutes, 30 - Minutes, 1 - Hour, -LSB-...]
Chart Setup MetaTrader4 Indicators: StochasticStack.ex4 (default setting), insidebar.ex4 (default setting) Preferred
Time Frame (s): 1 - Minute, 5 - Minute, 15 - Minute, 30 - Minute, -LSB-...]
Set aside a regular
time each day that you spend looking at the daily
charts of a few major currency pairs, any price action
setup that is at a confluent level and well - formed will likely stick out like a sore thumb.
Chart Setup Indicators: 40 exponential moving average, 110 exponential moving average, schaff - trend - cycle Preferred
time frame (s): M1 Trading sessions: Euro, US Preferred Currency pairs: GBP / USD, GBP / JPY Download -LSB-...]
There are
times when there's little to no activity on the
charts, and it can be quite boring waiting for a valid
setup to materialize.
Chart Setup MetaTrader4 Indicators: iFibonacci.ex4 (default setting) Preferred
Time -LSB-...]
Chart Setup MetaTrader4 Indicators: Alligator (default setting), Flat Indicator.ex4 (default setting) Preferred
Time Frame (s): 1 - Minute, 5 - Minutes, 15 - Minutes, 30 - Minutes, 1 - Hour, -LSB-...]
If you want to learn more about how I trade «Low - Frequency» price action strategies on the Daily
Chart time - frames; check out my price action trading course and member's community; my trading philosophy is based on trading only the highest - quality price action trade
setups, which means less trades and less stress!
The problem is that in many cases investors pay a recurring annual fee of anywhere from 0.2 % to 1.5 % of assets for a one -
time setup of a portfolio pie -
chart (frequently with small variations from the adviser's «moderate» allocation template), followed by periodic rebalancing and reports.
Setups like these don't occur every day, but you can probably spot them a few
times a week if you are looking at a 15 - minute
chart.
I also find 90 % of the
setups I take on the daily
time frame with the remaining 10 % coming from the 4 - hour
charts.
Chart Setup MetaTrader4 Indicators: BuysellMagic02.ex4 (default setting), Bears.ex4 (width & color modified) & Bulls.ex4 (width & color modified) Preferred
Time Frame (s): 1 - Minute, 5 - Minutes, 15 - Minutes, 30 - Minutes, 1 - Hour, 4 - Hours -LSB-...]
There are many names in this sector that look extremely vulnerable from my
chart reviews so it is worth your
time if you are looking for potential short
setups.
Forex trading success is all about discipline, decide what
times you are going to check the
charts each day for price action
setups and stick to it.
Chart Setup MetaTrader4 Indicators: aNina.ex4 (default setting), Triggerlines2.ex4 (default setting) Preferred
Time Frame (s): 1 - Minute, -LSB-...]
Chart Setup MetaTrader4 Indicators: ArrowsAndCurves.ex4 (default setting), ASuperSR7.ex4 (default setting), Coppock.ex4 (default setting) Preferred
Time Frame (s): 1 - Minute, 5 - Minutes, 15 - Minutes, 30 - Minutes, 1 - Hour, 4 - Hours Recommended Trading Sessions: -LSB-...]
Chart Setup Indicators: 100 Period Exponential Moving Average, QQE (oscillator) Preferred
time frame (s): 15 min and higher Trading sessions: any Preferred Currency pairs: any -LSB-...]
Chart Setup Indicators: 4 Sessions (optional) Preferred time frame (s): 15 Min chart Trading sessions: N / A Preferred Currency pairs: GBP / USD -LSB
Chart Setup Indicators: 4 Sessions (optional) Preferred
time frame (s): 15 Min
chart Trading sessions: N / A Preferred Currency pairs: GBP / USD -LSB
chart Trading sessions: N / A Preferred Currency pairs: GBP / USD -LSB-...]
Chart Setup MetaTrader4 Indicators: Bands.ex4 (default setting), Binaryarrow.ex4 (default setting) Preferred
Time Frame (s): -LSB-...]
My
Chart Setup Indicators: 12 exponential moving average, 26 exponential moving average, 55 simple moving average
Time -LSB-...]
Chart Setup MetaTrader4 Indicators: William36HistogramWallerTest.ex4 (default setting), YangTraderMain.ex4 (default setting) Preferred
Time Frame (s): 1 - Minute, 5 - Minute, -LSB-...]
More
time and more bullish rides are needed to turn the daily
chart from its current bearish
setup, so the most probable scenario is one of moderate short - term rises that could trigger a bullish leg for some days.