Trading Practical Techniques: Focus on 3-Minute Candlestick for Intraday Trading!
The practical techniques for intraday trading are as follows: First, choose the trading currency. Select currencies with good intraday volatility. For these currencies, minimize the fluctuations of the external market as much as possible while considering the intraday trading costs. Some trading pairs on exchanges have high intraday trading costs and should be gradually phased out.
1. Observe the cyclical performance of the currency
Currencies are influenced by each cycle phase. It is necessary to determine whether the market is rising, falling, or consolidating based on the daily chart. Consider the main factors that derive from the logic of this phase; these factors create support or resistance at certain price levels.
2. Choose the observation period for intraday trading
There are 15 15-minute candlestick charts in a day, 75 5-minute candlestick charts, and 8 hourly candlestick charts. Each currency has a different closing time at night, and candlestick charts can be calculated using this method. Select good entry points, manage position sizes, and sell at appropriate price levels.
3. Cost line selection
Prices are driven by capital trading, so when intraday trends emerge, they generally run along certain trend lines, complying with marginal cost + minimized arrangements.
4. Important candlestick assistance trends
The shape of the candlestick, especially the sunny or cloudy days of the 5-minute or 15-minute charts, is worth studying. At the beginning, the trend needs this candlestick to establish itself, and intervene at the first moment based on predictions.
5. Build positions in batches +
Any trade is just trial and error, which means that a full bet may suffer a major blow. Therefore, attacking in batches is the best strategy, and a 1:2:1 strategy can be adopted based on the established position funds. From experience, contract intraday trading is suitable for several time frames of candlesticks: 1-minute, 3-minute, and 5-minute.
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