josi wrote: ↑Thu Apr 09, 2020 1:39 amas you can see GBPJPY tried to break out on H4 but finds it very hard to follow through.
So you check lower TFs in order to see how strong the buyers look.
On M15 you have divergence.
The example (below) shows the weakness of buyers on M1 - so: most likely this attempt will fail and we don't enter a trade.
The situation may always change, of course, and then we would reconsider but for now this is what happens:
I try to have a realistic view of the chart and trading methods. So I'm not trying to be biased in any particular way. But I have seen your method over and over again on variety of sites, forums and Telegram groups or chatrooms.
In my opinion, this method has two main drawbacks:
First, this method is suitable for analyzing the left side of the price chart (the past of the chart). Where to tell lovers to get rich quick: see how my analysis has been accurate and fast (in the past, of course) !!!!
Second drawback of this method is that you have to spend 24 hours a day at the forefront of the market and charts so that you may be able to capture one or at most a few opportunities, which means a shutdown for life.
Because these methods do not provide any precise and specific criteria for entering the situation in detail, and you cannot accurately predict the exact time of market range or trend.
In my opinion, you should consider the exact factors for your trading method in order to take your work out of gambling and betting mode and approach technical analysis based on market conditions.