Lots of questions lately from traders looking to use the higher time frame for their trading time frame. The number one key to successful trading is consistency. If you have a job or other distractions that stop you from being in front of your charts when you need to be, then you will lose your edge over time and of course lose money. I recommend that newer traders especially use the higher time frames to avoid this lack of consistency.
Here is an example of a set up I was eyeballing on the GBPUSD.
We have a pull back into the 50 EMA which happens to be that 3300 level (a major level of respected structure).
As we push into that zone, we see the momentum start to decelerate and then market gives us a high test candle.
Stops above the high of the high test and targets at a retest of the low.
Good luck in the market this week guys.
Jason G
Here is an example of a set up I was eyeballing on the GBPUSD.
We have a pull back into the 50 EMA which happens to be that 3300 level (a major level of respected structure).
As we push into that zone, we see the momentum start to decelerate and then market gives us a high test candle.
Stops above the high of the high test and targets at a retest of the low.
Good luck in the market this week guys.
Jason G