lbranjord
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Better late then never, I discovered a key factor when considering price action setups. Most have heard of this but not applied it. TRADE FROM THE RIGHT CLOSING TIME!
If your charting package opens and closes a daily bar on the New York Open, trade all USD pairs from this!
If you want to trade another currency, trade from a chart tailored to their opening and closing times of the dominating currency.
Unless you are an expert at reading lower time frames and melding candles, the signals will visually be more difficult to read. I know how to meld a pin bar out of multiple candles, but I think it is advantageous for our subconcious to see and recognize the patterns we are used to. Melding candles seems to make this more difficult and may lead us to situations we wouldn't have been in on a normal signal.
THis helps me, hope it helps you...
If your charting package opens and closes a daily bar on the New York Open, trade all USD pairs from this!
If you want to trade another currency, trade from a chart tailored to their opening and closing times of the dominating currency.
Unless you are an expert at reading lower time frames and melding candles, the signals will visually be more difficult to read. I know how to meld a pin bar out of multiple candles, but I think it is advantageous for our subconcious to see and recognize the patterns we are used to. Melding candles seems to make this more difficult and may lead us to situations we wouldn't have been in on a normal signal.
THis helps me, hope it helps you...
