10.30.60 MTF scans are great ways to trade MTF’s. Consider the 30m your trading time frame. Then allow the 10m to be your lower and the 60m to be your higher time. Use these scans not only to help you find trends but also understand consolidations. Consolidations are one of the hardest things to trade. Yet Ichimoku can help you do just take. If anything, tell you when to stay out of them. Also to let you know when a consolidation will come to an end. You can read more on my past blog about Consolidation, MTF’s and Fibs.
Here are a few rules from that blog.
Watching how price reacts to these iMTF’s, you can tell you a lot about he chart. You can see how strong the sentiment of the chart is. Here are a few rules to consider with iMTF’s and its relation to price.
1. If price does not pull back the iMTF then we have strong sentiment for a break out.
2. If price pulls back to the iMTF and holds, we now have a pull back with a high probability to the pivot,
3. If price does pull back to the iMTF and breaks it, then we have weakness, which could lead to a consolidation or a reversal.
Rule one is really strong sentiment. Rule two is strong and probabilities can be increased with optimization rules. And rule three is weakness, which can also be looked at as counter trend strength. But lets take a closer look at consolidations and see how we can apply these rules to understand when we are in a consolidation and when a consolidation will come to an end.
Real Time scanner 10.30.60m MTF scan on currencies for 2.29 at 12 pm
USDCHF above: Here we can see the 1hr pull back got stopped out. Now a MTF has been established on 10.30.60, So follow the MTF rules to let us know if it remains bearish or fail to retest the top of the range.
USDJPY above: Here we can see the 10.30.60 MTF and it look as if it is holding. Then we have a high probability to retest the low.
AUDCAD above: Again a MTF is established on the 10.30.60. Again it looks as if the MTF is holding. Look to rest the bottom of the range.
AUDCHF above: As you can see the MTF. if this does not pull back to the MTF then sentiment is strong. Look for break out. Do consider that it’s in a larger consolidation range and that will effect your reward risk with the break out.
CADCHF above: Again we want to see what happen at the MTF. 1hr is still bullish so what happens at this MTF will tell a lot.
GBPAUD above: In a larger consolidation range but the 1hr has become bullish. What happens at this MTF will let us know if we can break the range for bullish or consolidate some more.
GBPCAD above: You can see we are sitting right at a MTF. If this MTF holds then we could see a break down of the bearish 1hr, and a bullish break out on the 30m If not then we can look for a bearish set up to the same MTF.
GBPUSD above: This had a 6x Alert on it sun. But yet here is a bullish set up. Now we can watch how price reacts to the MTF. This will let us know if this will be the end of a bearish trend or a pull back on a higher time frame. If the MTF fails and continues bearish then look for the bearish pull back set up.
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