#MANABTC #daytrading taking profit with 2 different time frames
This is very similar to my previous post.
The top demand zone is only seen on the 15 minute chart, and the bottom one on the 60 min. The smaller time frame provides more granularity to the candles, so the base (1 or more short doji-like candles) appears from within the bottom of those large candle bodies on the higher time frame. A ripple appears where before it was smooth.
It's imperative to check price levels for zones in all time frames. The higher the time frame (min - hour - day - ...) the stronger the zone, in general.
Right now, my open order is placed at the bottom stop loss, because I don't want to miss out on any high flying action. I am willing to withstand the extra volatility risk to a portion of my current profits and accept either outcome (losing profits and hitting the stop loss, or going higher and forming another base). This trade complies with all aspects of my trade plan (if you don't have one, you need it).
The top demand zone is only seen on the 15 minute chart, and the bottom one on the 60 min. The smaller time frame provides more granularity to the candles, so the base (1 or more short doji-like candles) appears from within the bottom of those large candle bodies on the higher time frame. A ripple appears where before it was smooth.
It's imperative to check price levels for zones in all time frames. The higher the time frame (min - hour - day - ...) the stronger the zone, in general.
Right now, my open order is placed at the bottom stop loss, because I don't want to miss out on any high flying action. I am willing to withstand the extra volatility risk to a portion of my current profits and accept either outcome (losing profits and hitting the stop loss, or going higher and forming another base). This trade complies with all aspects of my trade plan (if you don't have one, you need it).
Trade closed: stop reached:
stopped out at 10% profit
