Multi-timeframe usage is imperative to survival.
The Trouble With Scribbles
- Thread starter Buy1Sell2
- Start date
Multi-timeframe usage is imperative to survival.
Only problem is that there's no mention of what the signal is or what it means or what one should do to take advantage of it. It would also be helpful to mention what chart.
But at least it was "picture perfect". Whatever and wherever it was.
In the meantime, the OP has pretty much made up for his losses. The SLA is another hundred points in the black.
Here is the analysis of the 5 min NQ chart from today. Of course there is a lot more activity on the 5 minute. I don't ever annotate a 1 min chart since there would not be enough room. In this chart, there are two exits or longs. Notice how when the higher trend is down, the longs must have a tighter leash. My own perspective is just to exit on these and take the next sell signal with the down trend. Yes, there would have been a few points to be made from going long, but I would bypass those longs in favor of trading with the trend. Notice though, that on the 15 min, there is no need to exit, but just hold through the retracement. Reminder--markets are never ranging, they are always trending on some time frame. It is important to keep numerous time frames open, so that you can find the time frame that is trending and trade that time frame. The RSI grails are continuation signals and not reversal signals. That is the definition of an RSI grail. ===continuation.
Now here we have the Romy MACD bullish signal. This one is not to be taken in my view since it has zero agreement with the 15 and 60. Just look at the 15 and you'll see what I mean. Huge downtrend on 15 and 60 with a bullish signal on 5? That's a no go. --Or is good for a very few points at best. I am not looking for just a few points---that means no go.
