Originally Posted by
;
Hi,
for more term key amounts and trendlines I use Monthly, Weekly, Daily charts.
MY opinion is - if you're trading on the 5M chart, then you're asking for
trouble.
Particularly when beginning.
And I did not make any assessment on EJ or UJ. So I stayed away it was unclear to me at the time. I could have sold an s/r break or retest of a broken TL that both GJ and UJ failed, but since attempts got killed I let it be.
I did not realize until afterwards that the daily had an extremely clear bearish installment formed (double lower close interior bar =gt; bankrupt downwards)
EURUSD was creating another interim bottom at 1.3550 with a Pin Bar or Hammer and then greater highs. So it was moving up. I use Price Action to trade, as seen in my touch.
The significance / effect of moving averages reduces together with the timeframe. Daily is big, 4h is meh and 1h is tricky. Anything below that is pretty much leaping into the skillet.
By looking for bits / reactions of price on the huge timeframes. Check out articles on the ribbon for examples.
You don't trade s/r alone. You trade a price installation on s/r / regions of confluence (fibs s/r for example).
I truly think you want to do a lot more reading and studying on some of the principles like trendlines, the significance of s/r and s/r flipping and so forth. .
The material is out there, just takes some reading
Take good care of