Triple-screen trading system
I have decided that my favourite timeframe is the hourly chart.
Based on triple-screen trading principles, I have to go to a higher timeframe to make a strategic decision (long, short or stand aside) before going back to the hourly for my second screen. So here I am, looking at the EUR/USD currency pair using the daily timeframe:
It seems like there is very good support at 1.25 level. I drew a support line at 1.25 and decided to go long. The blue high-low bar on the right edge of the screen also allows me to go long.
This is the hourly chart for the EUR/USD currency pair:
I see a bullish divergence forming between the price bars and the MACD. I waited till the price bar turn blue (red price bar forbits shorting according to the impulse system) before I turn to my 5-min forexyard for my third screen and entry.
End of a good trade with 95 pips profit.