Setup
Draw this on your chart exactly. Then focus on the 5 minute
Higher Timeframes:
-D1: look for rejection off a zone or structure
-H4: look for a higher low/lower high at a zone, preferably retesting
-H1: look for a channel to capture the current trend, follow that direction (i got stopped today from slacking on this step, had wrong direction)
-30m: THIRD TOUCH OF THE TRENDLINE (this is the bread and butter, you can skip all the above criteria if you see this pattern)
Great you saw the candle close AT the trendline, this is the third touch of the trend line. Now for entry
-5m: Draw another 3rd touch if you see if, if not readjust the third touch trendline from the 30m
-5m: draw a counter trendline for structure you want to see break. If price going down draw and upward trendline for the "countertrend uptrend" you want to see break.
-Target using the Fibonacci Extension from the 3rd touch all the way down to the countertrend structure beginning. Targets set.
TL;DR 4 Hour Retest + 30m Third Touch Trendline = boom
Higher Timeframes:
-D1: look for rejection off a zone or structure
-H4: look for a higher low/lower high at a zone, preferably retesting
-H1: look for a channel to capture the current trend, follow that direction (i got stopped today from slacking on this step, had wrong direction)
-30m: THIRD TOUCH OF THE TRENDLINE (this is the bread and butter, you can skip all the above criteria if you see this pattern)
Great you saw the candle close AT the trendline, this is the third touch of the trend line. Now for entry
-5m: Draw another 3rd touch if you see if, if not readjust the third touch trendline from the 30m
-5m: draw a counter trendline for structure you want to see break. If price going down draw and upward trendline for the "countertrend uptrend" you want to see break.
-Target using the Fibonacci Extension from the 3rd touch all the way down to the countertrend structure beginning. Targets set.
TL;DR 4 Hour Retest + 30m Third Touch Trendline = boom
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