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simplegreen

10/07/13 7:12 PM

#123590 RE: charger #123588

charger..first thing to do is start with weekly S/D zones..then daily...then H4 ..always be fully aware of the zones on the longer TFs.then drop to shorter TFs to trade by..M15 or M30 are fairly good for this.You need to fully understand that each and every TF has its own set of S/D zones..the data you just posted on those zones validates that statement.When on M15 for example look for the zones that stretch across the screen and because its a short TF don't place too much trust in the fresh zones..the major zones will be seen as I said..they stretch across the screen.The short term "fresh" zones can come and go but can be scalped when nice pinbars hit giving a hint that some bank action may be involved on the fresh zones.
I try to patiently wait for longer term zones to come into play since they are certainly the most reliable...banks are position traders but I also see they seem to also do a certain amount of scalping intraday.This is probably due to the time of day and the short term need for US dollar..or yen..or Euro etc depending on the various equity/bond market openings.
I see it as important to decide on a TF you feel is good to trade and stick with it...just be aware of the longer TF S/D conditions.If daily or weekly supply zone just got hit from below and a dive has started then if you trade M15 your bias would be sell rallies.If a daily or weekly Demand zone just got hit and price rapidly reverses then you would have a bias to go long on M15 dips.
We all have to rewire our brains with this stuff and learn to trust the major zones and ride on the coattails of the banks actions.
To recap...long term zones are most reliable but every TF has its own zones...I have even done some scalping on M1 TF with good results...just not many pips.