The strategy step by step is the following:
1) In the 4hour chart we draw the Lines of major levels. We also get an idea of the intraday trend.
2)Then, we are going lower to 1 hour chart. We try now to draw channels or . Again we are looking the trend. 4 hour and 1 hour should be the same.
3)We are moving forward to 15min chart. Here is the ''game''. We have obtain the short term-intraday trend from the previous timeframes. We are now looking for retracement moves. As we find them we are waiting for a strong candle. In our chart we can see that after a retracement, doesn't matter how big it is, the price go over the EMAs Due to our we would place our short positios as soon as a strong candle appears. By the term ''strong'' i mean a candle whose body is bigger than the last candle (the more candles it ''eat'' the better). This is the 1st condition to put a Trade. The second is the strong candle to cross downwards the EMAs. I mean to close below them.
So pay attention on the 2 conditions that exists in that strategy. In the Top of the graph we can see an incorrect entry bar. Although the price go lower it is not as safe as the way i described above.
Trading is somtimes very simple. You do not need any indicator. And don't forget. The simpliest is the best!!!!
I am waiting your comment.....
Thank you for reading....
This gives me an opportunity to add on to winning trades and maximize gains. However, i feel that i do not have a clear exit strategy for this and i end up losing some pips in the end. Can you please illustrate your exit strategy for the trades?? Thank You sir.