Do you know when YOU should start a new trade?
Best times (see orange box & oval areas) are when a breakout of an chart pattern happens ( ei.. Harami, Engulfing, Pinbar or other's happen) OR from an area of consolidating ranging PA. Remember that not all candlesticks are created equally, some candlesticks are just what they are... candlesticks (nothing more). Any candlesticks forming at a support and resistance area and might be part of a possible chart pattern, they mean a lot more then candlesticks in nowhere and in middle of S/R areas.
Another item I placed on this USDJPY 15 mn chart are either RED or GREEN ---> "X's"-- just wanted to show you that by WAITING for the right time to ENTER a new trade either by breakout of a tight price action area/consolidating area or when EMA 9 crosses EMA 26 would have been a VERY safe & LOW risk price action areas for a new trade.
NOTE: This is USDJPY 15 mn chart, but even on both lower & higher TF charts (like 1 mins,5 mins, 30 mins,1 hr,4 hr, 1 daily or longer ones) these tight narrow sideways/consolidating areas & EMA or MA crosses, you should always notice and new trades should be considered at those times, trade with TREND always.
I place EMA 50 & EMA 200 on charts. I mostly trade by where EMA 50 is, so if EMA 50 is lower then current PA then trade CALLS, if EMA 50 is higher then current PA then trade PUTS. Only time, I go against this RULE is when trend has broken down and PA has hit major S/R areas on chart (like NOW). PA has hit a high and going down again.
EMA 200 is a LONG term trend line, which I use to observe if PAIR is still going with major TREND or it is changing. Also, note that when the EMA 50 & EMA 200 do cross over each other especially on higher TIME FRAMES, this gives you BIGGER picture of what is going on with PAIR. When 50 ema crosses over 200 ema it is called a GOLDEN cross (BULLS control pair), when 200 ema crosses under 50 ema it is called a DEATH cross (BEARS control pair).
Finally, RSI on bottom of chart-- does a couple of things: Overbought >70 or oversold areas <30 areas. RSI 50 level when let you know who controls PAIR at a given time on chart. Safety when trading & finding less risky entry area's helps with money management and longevity in trading. Wishing everyone the best in trading & stay happy/healthy.
Best times (see orange box & oval areas) are when a breakout of an chart pattern happens ( ei.. Harami, Engulfing, Pinbar or other's happen) OR from an area of consolidating ranging PA. Remember that not all candlesticks are created equally, some candlesticks are just what they are... candlesticks (nothing more). Any candlesticks forming at a support and resistance area and might be part of a possible chart pattern, they mean a lot more then candlesticks in nowhere and in middle of S/R areas.
Another item I placed on this USDJPY 15 mn chart are either RED or GREEN ---> "X's"-- just wanted to show you that by WAITING for the right time to ENTER a new trade either by breakout of a tight price action area/consolidating area or when EMA 9 crosses EMA 26 would have been a VERY safe & LOW risk price action areas for a new trade.
NOTE: This is USDJPY 15 mn chart, but even on both lower & higher TF charts (like 1 mins,5 mins, 30 mins,1 hr,4 hr, 1 daily or longer ones) these tight narrow sideways/consolidating areas & EMA or MA crosses, you should always notice and new trades should be considered at those times, trade with TREND always.
I place EMA 50 & EMA 200 on charts. I mostly trade by where EMA 50 is, so if EMA 50 is lower then current PA then trade CALLS, if EMA 50 is higher then current PA then trade PUTS. Only time, I go against this RULE is when trend has broken down and PA has hit major S/R areas on chart (like NOW). PA has hit a high and going down again.
EMA 200 is a LONG term trend line, which I use to observe if PAIR is still going with major TREND or it is changing. Also, note that when the EMA 50 & EMA 200 do cross over each other especially on higher TIME FRAMES, this gives you BIGGER picture of what is going on with PAIR. When 50 ema crosses over 200 ema it is called a GOLDEN cross (BULLS control pair), when 200 ema crosses under 50 ema it is called a DEATH cross (BEARS control pair).
Finally, RSI on bottom of chart-- does a couple of things: Overbought >70 or oversold areas <30 areas. RSI 50 level when let you know who controls PAIR at a given time on chart. Safety when trading & finding less risky entry area's helps with money management and longevity in trading. Wishing everyone the best in trading & stay happy/healthy.