Daily Income or Short Term Trades

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.

EURUSD Short term m15

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!

 

Regards

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2 thoughts on “Daily Income or Short Term Trades

  1. Arash Pez says:

    Hi Warithu,

    How are you doing? It’s great to read your blogs again…..wanted some advice in terms on when do you scale up and trade in size? I only trade for 20 pips a day and now thinking of starting again with 10k USD.

    Look forward to hearing from you.

    All the best.

    Ary

    • Haji says:

      Its a question of when are you going to risk it, and have a plan on it including if it goes against you. But you need to look at the bigger picture of a long term outcome of your system. Most people focus on results which could sway away what you aim for in a year. Aim something realistic since the market changes overtime and its not a fix variable. May be this week, day, month you only got like 2 – 3 trades, some other months more or none or just losses.

      Knowing who is the other side of the market is the next equation to think of when taking a trade. Hence Thats why I choose during open market or prior, because I know that there are traders out there lining up either get whacked or you get whacked. If you stick to your strict money management on the size, it shouldn’t be a problem when to size up as long as it equals to the % you are willing to lose. IN the real world of Hedge funds , earning more than 1% is the same league as them!

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