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GBPNZD- this is how I break down 15-minute charts to take entries or exit trades when day trading for 1:3 to 1:6 risk and reward setups.
Start Left:
*Before chart was Asian session: low volume and low liquidity equals sideways or ranging price action (I don't trade this)
* Extension part of Forex Master Chart Pattern is most of the time three pushes down or up (don't trade this). Can happen in two hours or 8hrs on the chart.
*FYI: Either daily highs or lows happen on 15-minute timeframes from 2 a.m. to 5 a.m. EST/CA, 80% of the time. This helps with where price action will trend for the day. (On chart Friday was bullish or buy for the day). I mostly only trade between 2 a.m. to 10 a.m. EST/CA. This is London/N.Y. session overlap.
* Two green noted arrows
1) 1st green arrow was breakout or high volume /momentum candle to start a bullish trend for the day. The previous candle was large and at support.
2) 2nd green arrow was a two 15 minutes bullish engulfing candlestick setup If you wanted to start a new trade, add to trade great spot to do that. (Did not check but guess that this price action happens within the Fib retracement levels of 50%-61.8%, then goes bullish .
*FYI: Light blue lines note are 12.5 pip areas noted on the daily chart , my advice if your a scalper or day trade is to place lines at key round numbers: 00, 25, 50 and 75 are on your charts, also note where yesterdays high and low for the day was and last weeks high and low. Will help you trading a 15-minute chart.
The hardest part of any trade is risk management, always have a plan and trade the plan. This trade had an initial 12 pip stop-loss with 50 pip take profit. I need a minimum of 1:3 to day trade with a quality setup on a 15-minute time frame. Yes, always start with daily, 4hr, hourly, and entry/exit on either 15mn/5mn charts. Wish you best, hope noted chart helped you learn something when day trading. *Always do your own trading analysis.
Start Left:
*Before chart was Asian session: low volume and low liquidity equals sideways or ranging price action (I don't trade this)
* Extension part of Forex Master Chart Pattern is most of the time three pushes down or up (don't trade this). Can happen in two hours or 8hrs on the chart.
*FYI: Either daily highs or lows happen on 15-minute timeframes from 2 a.m. to 5 a.m. EST/CA, 80% of the time. This helps with where price action will trend for the day. (On chart Friday was bullish or buy for the day). I mostly only trade between 2 a.m. to 10 a.m. EST/CA. This is London/N.Y. session overlap.
* Two green noted arrows
1) 1st green arrow was breakout or high volume /momentum candle to start a bullish trend for the day. The previous candle was large and at support.
2) 2nd green arrow was a two 15 minutes bullish engulfing candlestick setup If you wanted to start a new trade, add to trade great spot to do that. (Did not check but guess that this price action happens within the Fib retracement levels of 50%-61.8%, then goes bullish .
*FYI: Light blue lines note are 12.5 pip areas noted on the daily chart , my advice if your a scalper or day trade is to place lines at key round numbers: 00, 25, 50 and 75 are on your charts, also note where yesterdays high and low for the day was and last weeks high and low. Will help you trading a 15-minute chart.
The hardest part of any trade is risk management, always have a plan and trade the plan. This trade had an initial 12 pip stop-loss with 50 pip take profit. I need a minimum of 1:3 to day trade with a quality setup on a 15-minute time frame. Yes, always start with daily, 4hr, hourly, and entry/exit on either 15mn/5mn charts. Wish you best, hope noted chart helped you learn something when day trading. *Always do your own trading analysis.
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