I use the Weekly Candle to form the trading Bias. Here I look at every weekly candle close to see if it break the previous weeks WICK. In this case it has broken the wick and now has a SELL BIAS.
Then I search for the a setup on the a lower time frame that shows me a area of high liquidity where the price can PULLBACK to open a Sell Limit order. In this case I like the 1 hour time frame because I can see accumulation and a breakout in the correct direction. I now place a order right back within the source of the move because there MAY be orders sitting there that were not closed. This is also the area where all the price action pro's will be placing their orders as well. SAFE ORDER WITH JUST A 30 PIP RISK.
An alternate to this method is to replace the Weekly Bias Candle with a Daily Bias Candle which in this case, would be trading this last week.
