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Most of the daily setups and encyclopedia slides show the best trades without taking into account the prior day or HTF context.
If there's 2 consecutive trend bars on the open, it's BTC/STC. We cannot see what is to the left.
In the course, Al says context is less important on the open. Today is mainly about today.
This looks like a great way to trade because you don't have a bias for or against something happening. Is anyone finding success trading like this?
thanks
Hi w,
Yes, I think it's still possible to be profitable by only looking at the current day's chart. I used to trade this way and it was OK. However, by skillfully integrating prior day's price action and HTF levels your chances of winning should improve even more. Just a little more information about what came before can help to avoid bad situations or even find more setups.
The course covers a lot regarding HTF use so I don't think it should be ignored. Al always considers HTF charts in the historic webinars before the start of every session.
Hope this helps,
CH
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I agree with Al and therefore with Mr. Carpet too. 😀
I look at HTFs before I start trading to get an overall idea of the market. I already have my supports and resistances drawn there, so I know when the market gets close to any of them. I only occasionally look at a HTF chart to prevent boredom.
Even though setups on HTFs are rare, it is occasionally helpful.
Like Mr. Carpet said, you can profitably trade by looking at a single chart. If you zoom out enough, you can see big wedges, prior H/Ls there too anyway.
The correct answer is probably trading in a way that is suitable for your personality. If you like looking at multiple charts, then by all means do so. If you don't, then don't. Being slightly less or more profitable (theoretically) doesn't matter in the long run.
