Using TradingView for FX Day Trading: Even Simple Technical Analysis Can Generate Profits❗️
[Using TradingView #1]
For example, let's take a look at day trading "USD/JPY"
(Daily routine)
Search for past zigzag points and draw horizontal lines at important levels such as high and low points.
When day trading, use 15-minute or 5-minute intervals (in my case).
When looking at the chart in 15-minute intervals, the lines become messy. It's hard to tell which lines are for daily, hourly, or weekly periods.
So I color-code them as follows:
🔴Red: Weekly
🔵Blue: Daily
🟢Green: 4-hour
🟡Yellow: 1-hour
Of course, the lines for higher timeframes should be given more importance.
[Using TradingView #2]
When approaching a line, monitor price action while looking at indicators. Buy when it bounces back.
Good indicators to use include:
・RCI (Secret)
・Momentum
・RSI (Secret)
・Pivot
Choose whichever you prefer.
Detailed indicators and settings can be found here 👇
[Using TradingView #3]
How far to look at the range from the rebounded line?
It's the horizontal line above it.
Taking profit is harder than entering. It's difficult to get a reaction if it's not right on the line, so being too greedy can lead to losses (descending).
Check the indicators again in this case.
Even if it hasn't reached the upper line, start taking profit when the indicators start to decline. (I have had many experiences where I left it because I thought "it's not time yet!" and ended up with a negative loss.)
In my case, I use the same indicators:
・Pivot
・RCI (Secret)
・RSI (Secret)
・Momentum
I occasionally look at MACD (too many indicators can cause confusion).
The next entry is the same. Repeat.
There are also high volatility hours to consider.
If the opposing trend (higher timeframe) is upward, it's good to aim for a LONG position at the rebounded point where it's down.
Going against the trend is strictly prohibited❗️
Practice is the best way to learn.
Please try it out.
At CherioTechnicalTeam, we casually share and discuss the use of TradingView, stocks, FX, cryptocurrencies, and more among team members.