This is four minute chart of AUD/CAD, it is one of very few charts which are cycling beautifully for Intra-day trading like Pivots & Snipers, phase 1 is about to start.
The best way to trade this chart is to move down to hourly chart once phase 1 established, let the price action cross the moving averages in hourly chart, once price action clears from moving averages in hourly time frame, move to 5 minute chart.
Pivots: If Risk/Reward ratio is more than 1 : 1.1 then entry could be on retest of pivot line once price crosses pivot line from upside to downwards.
Sniper: Entry could be on retest of 50 EMA with 20 pips stop loss & take profit
NB: 15 minutes chart can be used as an execution chart but the best way to choose an execution time frame is look for clean cyclicity & clean bounces whichever time frame it is (5 minutes or 15 minutes).
Hi Sajid,
ReplyDeletedo you make adjustments for spread to entry, stop loss and target levels for Sniper and Pivot?
Thanks,
Hi Mira
ReplyDeleteAppoligies for terribly late answer. I don't make adjustments for spread if I leave it un-attended. I do make adjustment for spread by calculating the previous swings & make sure that the oscillators are not developing any divergence.