Simple's Green Room

[pennies2007]

One thing that might help Qui is to try and work with a smaller time frame where you can actually see results a lot faster. That way, you can develop a system that works for you on a regular basis. After that, all you have to do is apply the same system to the larger time frames. The TDI wave counting, for example, works just as well on the 5 minute time frame as it does on the daily or weekly chart. The only thing you have to do is still keep an eye on the larger time frames so things don't get lost in the shuffle.

The system that SG showed the other day for the 5 minute time frame is excellent in my opinion. It's pretty straight forward and simple to trade. I know SG has recommended though that we set fib levels using the 4 hour chart first before dropping to lower time frames and I would still highly recommend that. It's always good to know when you might be coming up on a key 61.8 or 38.2 on a larger time frame and not try to take trades too far in that direction when it's getting close.

I also like to watch the 15 minute and hourly time frame if I'm trading the 5 minute chart just to keep things in perspective.

The lower time frames should theoretically give you a much cleaner entry without a large drawdown from a pip perspective and it's a great time frame to learn on.