How I setup my intraday trades.
A simplified version of the prior lesson. Look for break out on the 1 hour. Once confident, place a buy order on the 15 minutes chart. Target 1 is 0.00% , Target 2 is -27.00%, Target 3 is -62.00%, Target 4 is 100.00%. All the steps are on the chart. Good luck!
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The opposite is true! Always be humble and move with the trend. Don't over-commit to a belief the market is moving in only one direction. Take small profits or if the trend has turned a small loss.
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Once the lower low was established, I closed the long position and moved into a short position once the break of structure and retest into the premium sell zone manifested on the 15minute timeframe. See the steps on the snapshot.
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Here I have outlined the phases. the market normally has 3 in each direction. I find 3 or 5 are normal phase patterns. I have also outlined the order blocks as supply and demand zones, these can be traded as profit and sell targets too. Taking some profit at the touch of a demand zone is advised. I normally work in the ratio of the phases! I will take either a 1/5 or a 1/3 depending on the strength of the supply or demand zones. This way you always stay in profit!
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4hr zone. Keep the 1hr and 4hr marked on your chart.
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Your chart should look like this on the 15 minutes
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We now have our trading range established. for the day.
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We now monitor for the break of structure needed to enter a trade. these zones will give us our profit targets and the Fibonacci will give us our targets to adjust stops and take a percentage/fraction (1/5 or 1/3) investment from the trade. Remember to stay true to the rules. It will deliver better results overall. I hope this helps. Good luck.
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-27.00 (target 2) touched, another 1/3 removed and my stop moved to the 0.00 (target 1)
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We are seeing buyers in the demand zone on the 15-minute time frame.
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Break of structure!
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Remember to have alerts set up at points of structure and Fibonacci. This way you are always ready to make the next move. Never let your trade run unattended.
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Alerts allow us the freedom from our trading stations and with our devices, we can still close or adjust as required.
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Tested the sell order block! We are only looking at the sell order blocks for tests and not buys - as we are in a downtrend on the 15 minutes.
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Trade broke target three the -62.00% and was closed on the retest of the -62.00%
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We can now see some manipulation!
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To confirm a true change of direction, we want to see a harmonious price movement, not large wicking candles - they most commonly suggest stop hunts or liquidity grabs that aid in pushing the price in its current direction. Until we have strong closing candles out of the channel followed by a retest into the premium price zone we are heading down!
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Now we have closed our trade I reset the chart and monitor the hourly.
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I now look to some indicators like the RSI on the 1hr. It is telling me that the price action is weak and we are still heading down.
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This is the very reason I wait for a break of structure with close and a retest into the premium buy zone before placing a trade. Price can still go against us but it gives a few layers of confirmation. Never trade a single candle or have orders idle above certain highs or lows.
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I do move my stops to locations but only once I'm in profit. If I can't monitor the trade, I close it.
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DOGE/USDT was chosen at random for this lesson. You can trade any pair like this. I'm not concerned about which asset unless there is major news.
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Phases on the 2hr
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BTC/USDT
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Stop triggered at target 1 after it reversed from target two 4.5% profit secured!
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Phases and RSI confluence!
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