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While day trading, Im not sure if I should look for measured move targets and counting of legs based on price action on that day only or should I also take into account price actions of the previous days.
Can any one help please
In general, the recent short-term price action will be most useful to determine what will probably happen next over a short-term period. It depends on your time horizon for a trade. If you're looking to take a swing trade on the 5 min chart and will close it after a couple of hours, what is happening on the monthly chart is probably not significant for you. Some key levels might be, but that is not useful since the chart you're looking at will usually tell you if the market is at the monthly key level anyway. The last couple of hours on the 5 min chart is much more significant.
On any chart, looking at the past 100 bars is a good gauge for determining context. It is certainly okay to look at previous days.
Hope that helps,
Andreas
Thankyou very much Andeas for giving time to reply to my query.
I found the answer to my query in your reply
