Hi traders
As we all know, NFP comes up later today. trade safely
Here is how I arrive at my signal to buy or to sell.
Add yours, help improve
first, on the H4 time frame, I look for my trend. once I'm able to identify the trend on H4, i draw my trend line as well as a channel that works with it. if no channel is found then I concentrate 0n my trend and trend line.
afterward, I go on my D1time frame to see what happened the previous day, which then gives me the insight if we will be having a reversal of trend or we will be having a continuation of the trend.
however, it is important to be able to identify when the market is in consolidation.
after identifying the trend, as well as knowing if we'll have a reversal of trend or continuation, I wait patiently to for my candle sticks which aligns with the trend. For instance, where a trend is up trend, I look out for candles such as the bullish engulfing, bullish pin bar, bullish, tweezer bottom etc., on the h4 timeframe.
sometime, I go with the candlesticks especially the engulfing or the pin bar, but most times I also look out for chart patterns that supports the trend, in case of uptrend, the double top most especially and downtrend, the double bottom.
Also, in the scenario where price is in a continuation, I wait for price to reach the 61.8 Fibonacci retracement level, before looking out forevery other confluence stated above.
I am as well working on improving this strategy with the support of the volume indicator.
I hope this was helpful one way oranother.
THANKS FOR YOUR TIME.
Help improve by adding some advice.
As we all know, NFP comes up later today. trade safely
Here is how I arrive at my signal to buy or to sell.
Add yours, help improve
first, on the H4 time frame, I look for my trend. once I'm able to identify the trend on H4, i draw my trend line as well as a channel that works with it. if no channel is found then I concentrate 0n my trend and trend line.
afterward, I go on my D1time frame to see what happened the previous day, which then gives me the insight if we will be having a reversal of trend or we will be having a continuation of the trend.
however, it is important to be able to identify when the market is in consolidation.
after identifying the trend, as well as knowing if we'll have a reversal of trend or continuation, I wait patiently to for my candle sticks which aligns with the trend. For instance, where a trend is up trend, I look out for candles such as the bullish engulfing, bullish pin bar, bullish, tweezer bottom etc., on the h4 timeframe.
sometime, I go with the candlesticks especially the engulfing or the pin bar, but most times I also look out for chart patterns that supports the trend, in case of uptrend, the double top most especially and downtrend, the double bottom.
Also, in the scenario where price is in a continuation, I wait for price to reach the 61.8 Fibonacci retracement level, before looking out forevery other confluence stated above.
I am as well working on improving this strategy with the support of the volume indicator.
I hope this was helpful one way oranother.
THANKS FOR YOUR TIME.
Help improve by adding some advice.