I am sure you all have hear this before, daily trades, short term income, or intraday . But exactly what time frame normally do we trade for targeting daily incomes ? From my Opinion, I would go anything below H1 or hourly chart is consider a short term strategy or a daily income or short term trades.
This are the most easiest to find and also where you can see why the price move up and down and turn quickly within a short term trend. I normally start the scan from an Hourly chart. Then move down to the M30, and M15. Now the M15 and M5 is the entry exit chart. Where M30 is the Trend and Location of larger time frame for short term trade is the H1.
BUT bare in mind as well, careful timing and knowledge of even larger time frame gives it more advantageous.
See example below is a 15 min chart where I spot 2 levels , a demand and a supply. A demand that formed yesterday during the NY session and a Supply form during London Session. Again , Not fond of the lower time frame trade since it has less probability compare to higher . These are just base on statistical equation on the average winning and losing.
To plan this is that 1. YOu have 2 Option to trade this. Trade the pair with a target on the Opposite or take only 1:2 RR. This is where also my Strategy 10 fits in as well. But for education purpose, we can assume that the demand down there and supply on the far right.
Will it work ? May be, or may be not, but for sure, shorting this will definitely work as we are in a down trend !
Try this on a demo if your are learning and not confident yet. Because the price is falling at the time of writing this blog!. Or paper trade it first. See what result you get and what can you learn from it!
Comment on what you did and why , what the result was!