I've had success swing trading trends by using a couple moving averages, multiple time frames, and price action.
Within the past couple months, I've had more time in my hands so I've been developing an intraday momentum system utilizing multiple timeframes and heiken ashi.
Once it comes to intraday trading (strictly 8-12 EST for momentum) I've discovered that the most important issue is to find out the climate of the market. A momentum system will probably get killed in a ranging market and vice versa. Eur/Usd appears to range between 1pm EST and 6pm EST
I trade eur/usd, therefore for example pretend that during the London session, there was lots of good news, then during US there's lots of bad news. Now we've got the components for strong bullish momentum (does not mean you'll get it sometimes it will be reverse). Days with less news appear to range more.
Now is one of those days which hasn't had any news.
To develop a trading plan for ranging days I'll need these things:
1) How can I determine if the market is ranging or trending?
2) If that range, How can I determine where/when/which management to enter?
For 1, I could examine the news which has come out during London and the news which will come out during the US session.
Next I can pop some bollinger bands to confirm that the market is ranging.
As well as those two things I can use my brain and appear at exactly what price was performing as it means that the latest turning point.
For 2, Maybe RNs, Pivots, S/R from a higher time period, and extremes of the BB can be my hint to where.
When is a interesting question for me. I love MTF, but I am not certain how it fits in yet.
I enjoy the idea of using price action to determine entry but I am worried that there will not be enough profit margin should I determine my range on exactly the same time period that I take my entrance. If I am using a 5M for my own range and a 1M for my own entrance, is price action on 1M even reliable ? (of course I'll need to answer all these questions over the years I am just putting them here for future reference)
I am curious about stochs in scenarios such as this.
I don't have any difficulty using indiors, but I am wary of taking buy/sell signs from them. I'd probably just use stochs to feel good about my PA entrance.
Ok so the entire time I've been typing this I've noticed a couple potential transactions.
Now was a no-news day, and for the previous 2 1/2 hours (because the market opened) we have been stuck at a 30 pip range.