plan your trading by volatility
I always start trading by not using any indicator, because of it not necessary. The first thing that I want to know is how far product can go within one day or weekly, monthly. I define a range of motion by using an easy horizontal line. figure_01: Daily chart As you can see from the daily chart is one candlestick = 100 pips. Assume as I'm a day trader I gonna use this 50-80 pip for the target. Why not 100 pip? I just want to be sure it will be hit. If you want to hold a position longer just use a weekly chart or bigger. figure_02 Hourly chart If you notice that chart, You will see the price pattern and the point that you can entry and exit on that day upon your strategies. generally, the price has a limit of motion, Up to Down, Down to UP. You just flow with the horizon line and volatility. Please notice it not a static it is a dynamic and all about your position management. figure_03 my monthly profit .
