What I am noticing is how effective it is as an indicator. I do not know exactly how I should be trading it yet....but I feel like I am seeing something.
Premise is that the 1min chart is leading direction, but we want to trade with the 5min chart. Current thoughts.
- wait for price to move to new side of 50sma on 1min chart.
- watch for candlestick to form that begins and ends on that new side of the chart.
- enter when price pullsback to zone between the 10 and 21 ema.
- enter only if price is on the same side of 50sma on the 5min.
Coincidentally (not really at all)...this type of entry is right on with the second chart in my trades today... trade time is at 10:48.
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