Sunday, October 24, 2010

Trading Plan: 60 Min Charts




I focused on the 60 Min Charts this week and what I learned that the closing price of the 60 min bars act as major support and resistance levels, so I will focus to get an entry at that prices. Whats also good about the 60 Min Charts that they provide a valid method to determine the trend for daytrading. Still I am looking for setups on the 10 Min Chart but I am aware that trend setups will only occur if the 60 Min Charts agree with the entries I am getting from the 10 Min Chart.

To avoid going long in downtrends I usually wait for the 2nd 60 min signal or a donchian channel that goes up...

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