Next question: about intraday entry.
For example, let's say I am looking for SFT-1, Monthly C wave up. prices are in M-S, daily start to show signs of strong support and I am ready to buy. On day of entry, I see that hourly-R is still strong and it pushes prices down to lower end of daily support and than Hourly-S start to hold and move up. So, I enter long on Hourly bar. Should I place stop beyond Hoursly FO-support or beyond daily-FO-support. My focus time period is still weekly.
HB
Intra Day Entry
Re: Intra Day Entry
A stop a few ticks beyond hourly furtherout is likely to be too close, depending on the configurationof the hourly bars, and a stop beyond daily further out is OK but if the risk is too large for comfort (and it well might be) then the stop could be put on the other side of daily nearby support.
Since these various timeframes can shift about and depending on configuration a daily furtherout bottom can be a loooooong way away, you need to apply judgment and place the stop at a logical structural point where you feel it will not be hit unless extraordinary circumstances are in play, but if that occurs, will not hurt you badly, and risk more capital than can afford, restrict future trading, etc.
And then monitor flow and watch., watch, watch as much as can...
Since these various timeframes can shift about and depending on configuration a daily furtherout bottom can be a loooooong way away, you need to apply judgment and place the stop at a logical structural point where you feel it will not be hit unless extraordinary circumstances are in play, but if that occurs, will not hurt you badly, and risk more capital than can afford, restrict future trading, etc.
And then monitor flow and watch., watch, watch as much as can...