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all come back ...
use tick or range chart. this eliminate some whipsaws and you have a clear image or mind ...
look at the mirror and jump in and out ...
i learned for me, that i am not a scalper ... i had very good results, but i overtrade the market ... so i learn to be discipline -- on higher frames like 5 minute or 16 range or 233 tick later perhaps i go back to small frames ... if i can live with 5 pips ...
but i do not think so ... at the moment i use the following
1. big picture 1440 minutes on the left screen
2. trading frame is a 16 range chart i trade similiar ...
i do simple 123 trading like websouth and trade reservals, ... umkehrstab
on the other screen
3. if big picture a inside bar i go down to 5 minute and do simple range trading with stochastic, but i like the time where i not trade so i do not must sitting my trades ...
I think time frame depends on your risk tolerance. But count to 3 and repeat. Day in Day out.
I made this shaded template off of WH's GMMA mod which I really like.
Sorry can not export ... So i post my guppy indicators here.
GMMAConsolidation is optimated for eurusd.
if you use chance filter to your ticksize.
for example 0.0001 tick (on eurusd) * 5 == 0.01 tick * 5 (on eurjpy).
i do not know on es.
After more than 12 years trading options, stocks and lever-certificate on longer time frames...
one day I closed all my positions bought a house and bonds.
My Target is to trade only one hour / day and than all position must be closed. Scalping the Rainbow...
begin 4 pm german time - there are good moves on currency at this time - to making about 10 pips.
Experience is important,
but it is better for me than to live with open positions on longer TF.
I record the day with Ninjatrader and practise to master the Rainbow also on weekend.
The key is doing the same thing every day.
also white line in panel 1 you can delete. it is only an ema(5) and ema(9) for crossover comes from an old template.
This calculate the value of all averages. Is emavalue > 0 long and ...
This filters consolidation zones the white areas ...
If price action and market is fast i buy / sell when first red / blue bar came (also a period later). i use stopporders and make simple 123 pattern aka Voigt or Ross as websouth describe ...
Short german description:
1. Ich kaufe nur bei einem Punkt 2 und lege den Stopp an die Horizontalen Linien (Abstand 6 Pips), also lasse ich dem Markt und meinen Stopps immer ein bisschen Luft.
2. Ist ein starker Trend im Markt und ich sehe ihn in beiden Frames ... und in meiner anderen Workspace kaufe ich auch aus der Korrektur/Konsolodierungszone (da doppelter Gewinn). Also Blau ... Weiss (hier kaufe ich) Blau ...