BASIC charting lines will help you avoid potential false signals.
USE support, resistance, and trendlines.
USE 200 Day EMA line
PAY ATTENTION to key areas such as 200 Day EMA, or flags. It's best to wait for retest once support/restistance broken. If you miss it and it just rips through, then at least you have the start of a TREND.
Don't guess trend direction, OR trade inside flags. This now turns into gambling vs. trading skill in my opinion. Yes, INFINITUS SYMPHONY indicator helps, but it's still too risky for me.
ABOVE SCREEN SHOT π
1st BUY SIGNAL - GOOD
2nd BUY SIGNAL - BAD - It gave signal right at the 200 Day EMA. So that is a area of rejection. If we were bullish, we would wait for the confirmation and possible retest of the 200 day EMA; therefore, we would not take the trade on this BUY.
SHORT SIGNAL - BAD - when this signal was given, the price was TRENDING UP to 200 day EMA ( HIGH ATTENTION AREA). There was a boost to the upside and trade did not go south. Also note INFINITUS SYMPHONY indicator (very bottom) THERE IS NO RED DOTS AND PINK BARS FORMING!!!!!
TIP: If we are looking at the lastest price on the chart (see blue note), this COULD turn into a sideways channel.. We have no trend established eventhough flag was broken.
I would advise to wait for a MACD cross over above >=0 to get into trade to help confirm entry on trend, or maybe look for similar on a shorter time frame. If you are trading daily or multiday on leverage such as trading futures as myself at the moment, looking at multi-time frame entry is VERY IMPORTANT as it helps reduce downside risk. This is how we doubled the trading account last month. 04-Jun-2024
Now you can see a trend starting πon the lower time frame once flag was broken with GOOD short signal. π
TIP: To help avoid sidways action. Use the PRESSURE COOKER indicator π, and wait for trend to pop.
