If you use the 15 minute time frame for entries, exits, stop losses and targets, I would strongly suggest you use the quarters theory- BUT- it is actually the eighth theory (place these lines every 12.5 pips away from each other).
Example 15 minute chart of GbpJpy pair today:
(Place lines every 12.5 pips away from each other)- if you are scalping and or day trading. These will define your trades and structure.
150.500
150.375
150.250
150.125
150.000
149.875
149.750
What do you see about price action at these different price action line levels? Does PA go right thru them without any issues? Does price action stop and reverse? Does price action reverse at these lines? What pair are you trading- What price is on chart now? What session(s) are open now? What Time is it?
Look left on all charts and put these either quarter lines on them above 1 hour or eighth lines on time frames below one hour time frame.
Example 15 minute chart of GbpJpy pair today:
(Place lines every 12.5 pips away from each other)- if you are scalping and or day trading. These will define your trades and structure.
150.500
150.375
150.250
150.125
150.000
149.875
149.750
What do you see about price action at these different price action line levels? Does PA go right thru them without any issues? Does price action stop and reverse? Does price action reverse at these lines? What pair are you trading- What price is on chart now? What session(s) are open now? What Time is it?
Look left on all charts and put these either quarter lines on them above 1 hour or eighth lines on time frames below one hour time frame.
