1. 4-Hour Chart:
○ You identify a clear uptrend (making HH and HL).
○ You mark a significant 4-hour Support Level where price has bounced strongly multiple times in the past.
○ Confluence: Strong uptrend + major support. Your bias is to buy.
2. 30-Minute Chart:
○ Price pulls back from a recent high and approaches your identified 4-hour support level.
○ As price touches the 4-hour support, a large Bullish Engulfing Bar forms and closes. The body of this candle completely engulfs the previous bearish candle.
○ Confluence: Price at 4H support + Bullish Engulfing Bar + aligns with 4H uptrend. This is your potential setup.
3. 5-Minute Chart:
○ After the 30-minute Bullish Engulfing Bar closes, you switch to the 5-minute chart.
○ You see that after the engulfing bar, the 5-minute chart has formed a new higher low and then broken above a short-term 5-minute resistance level, with a strong bullish 5-minute candle closing above it.
○ Entry: You enter a long trade immediately after the 5-minute confirmation candle closes.
○ Stop Loss: Place your stop loss just below the low of the 30-minute Bullish Engulfing Bar (or slightly below the 4-hour support).
○ Take Profit: Identify the next major 4-hour resistance level as your target.
○ Confluence: 30M signal confirmed by 5M structure break + tight stop loss placement.
○ You identify a clear uptrend (making HH and HL).
○ You mark a significant 4-hour Support Level where price has bounced strongly multiple times in the past.
○ Confluence: Strong uptrend + major support. Your bias is to buy.
2. 30-Minute Chart:
○ Price pulls back from a recent high and approaches your identified 4-hour support level.
○ As price touches the 4-hour support, a large Bullish Engulfing Bar forms and closes. The body of this candle completely engulfs the previous bearish candle.
○ Confluence: Price at 4H support + Bullish Engulfing Bar + aligns with 4H uptrend. This is your potential setup.
3. 5-Minute Chart:
○ After the 30-minute Bullish Engulfing Bar closes, you switch to the 5-minute chart.
○ You see that after the engulfing bar, the 5-minute chart has formed a new higher low and then broken above a short-term 5-minute resistance level, with a strong bullish 5-minute candle closing above it.
○ Entry: You enter a long trade immediately after the 5-minute confirmation candle closes.
○ Stop Loss: Place your stop loss just below the low of the 30-minute Bullish Engulfing Bar (or slightly below the 4-hour support).
○ Take Profit: Identify the next major 4-hour resistance level as your target.
○ Confluence: 30M signal confirmed by 5M structure break + tight stop loss placement.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.