My honest opinion is that one of the major mistakes globaly is that traders counter trend immidiately once price hits PRZ. Even with DT or DB you need some sort of comformation, at least break of DT/DB and wait for price to retrace back to the V bottom of DT structure or A top of DB. I found out that the best way to get comformation that trade has really changed is break of EMA 123 and break of trend line with at least 3 touches after that we should watch for retracment so 123 on lower timeframe and then trade break of the retracment. Better safe then sorry ;)
Resons are written on the chart! If you have any question feel free to ask!
Thanks for you respond. I am doing also top down approach but i cant share here 3 or more timeframes at once. Here i am waiting for weekly trend break and entering on Daily and after break of 2-3 line another H4 123 if needed.
Best regards
FullTimeTrader
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Hello, this trading method sounds very familiar to me (heiken ashi, ema 12,36,200,633), 123 setup, i like it, although not using by now for real trading.
I agree with you, but it depends on your trading style (if you are conservative or agressive).
Just to comment, we use the top down approach to mark critical points of the current price.
After that, we go to lower timeframes (D1, H4, H1, even M5) to find a confirmation.
In this case the confirmation is already on H4 chart: a higher low and the cross of EMAS 12, 36
Greetings.
Thanks for you respond. I am doing also top down approach but i cant share here 3 or more timeframes at once. Here i am waiting for weekly trend break and entering on Daily and after break of 2-3 line another H4 123 if needed.
Best regards