GBPUSD 29 JULY 2020 0810 hrs (trend identification)
Left side is a 1 hour/right side is a 15 min.
You want to know where you are in the big picture. What does the daily down to the 5 minute depict?
In FX its useful to use the 1 hour for general orientation and trend strength (or 4 hour for some pairs/situations) and the 5 or 15 for pinpointing the entry using no supply or no demand.
In this situation the linear regression tool automatically plotted the channel.
The bottom of the channel = accumulation / re-accumulation
The top of the channel = distribution / re-distribution
for RSI:
When in an uptrend look for accumulation activity BELOW 50
When in a downtrend look for distribution ABOVE 50
Volume is always primary
All the additional indicators are just adjuncts/ licky's and chewy's
You want to know where you are in the big picture. What does the daily down to the 5 minute depict?
In FX its useful to use the 1 hour for general orientation and trend strength (or 4 hour for some pairs/situations) and the 5 or 15 for pinpointing the entry using no supply or no demand.
In this situation the linear regression tool automatically plotted the channel.
The bottom of the channel = accumulation / re-accumulation
The top of the channel = distribution / re-distribution
for RSI:
When in an uptrend look for accumulation activity BELOW 50
When in a downtrend look for distribution ABOVE 50
Volume is always primary
All the additional indicators are just adjuncts/ licky's and chewy's