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I am having trouble knowing when we are in a trading range or trending movement.
Say yesterday for example (Wednesday 3rd of Jan 2024) if you zoom out the last few days we are in a clear enough down trend. But Wednesday was basically a trading range day.
I am just trying to clear up how far you should look back for context too determine if you are in a range or not.
Also Al says to look at the chart in front of you, so say if the daily is in a clear downtrend, it always biases me to a down day, but then it can easily be a trading range like yesterday.
Any information to clear this up would be great. I also just received Als Trading range book to dive into the subject more, so if there is somewhere in there you could point me to either.
Have you watched the video course? If you have it I would review video 45A. Since you're a beginner (and I am too), focus on one chart and the last 100 bars of that chart for context.
Hi Oisin,
When first starting out and still learning to be comfortable with a single chart you don't need to zoom out to study HTF structures. It's entirely possible to be profitable with a single 5M timeframe of just the current day.
The moment you see opening bars overlap or the move of the day is retraced more than 50% by a subsequent move, simply assume a TR is in progress, draw a box around the day, split it into 3rds and adjust your trading accordingly. 90% of the time a day will end up a trading range anyways. Only a couple times a month will a day be a single unending trend day.
Later when you are profitable using a single chart of a single day then you can expand to higher timeframes to see where the market is in the grander scheme of things. So don't worry and don't overwhelm yourself with information.
Hope that helped,
CH
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When first starting out and still learning to be comfortable with a single chart you don't need to zoom out to study HTF structures. It's entirely possible to be profitable with a single 5M timeframe of just the current day.
This paragraph proves valuable to me as I engage with the lesson videos. While watching, I actively connect the information shared by Al, contemplate the HTF chart, and generate numerous 'what if' questions.
Thank you @Mr.Carpet
Thank you, i will review that video again
Thanks for your great reply, that was very helpful and comforting.
