So - I have a simple trend following strategy, I'm always looking for entry at the first higher low or lower high (but only if price has made a new higher high or lower low), but I don't feel confident with it. I would like to trade on a lower timeframe like M5 or M15, but trading these timeframes without looking at H4 or D1 is very hard or almost impossible, unless someone have a good trend indicators. The problem is that when I look at the overall trend on the H4 or D1 chart I see a mess - it's easier for me to trade a single candlestick than a whole trend, because when we have a bearish day during a bullish trend even all trades in line with the trend from a higher timeframe can easily get stopped out. How to overcome this? I tried many methods and still can't get this done. I want to take main entries on M5 or M15, but I don't know what kind of confirmation I should have from a higher timeframe. And I'm horribly fixated on taking only the first HL or LH, because I'm scared that on every next HL or LH I will get stopped out because of a trend change. I'm not looking for a huge trades - just for 20-30 pips with a 10-15 stop loss, but these uncertainties don't allow me to trade freely. I don't know what kind of setup I should look for on the higher timeframe to trade it later on the M5 or M15...
Any solutions or tips? I will be very thankful for any help...
Any solutions or tips? I will be very thankful for any help...
Trade or not to trade - that is the question...