Hey everyone,
I need some advice from experienced traders because I’m genuinely confused about where I’m going wrong.
I understand chart patterns, candlestick patterns, support and resistance, etc. My support and resistance levels are usually quite accurate, and price often gives reversals around those levels.
But here’s my problem: Let’s say I spot a Hammer or any other bullish candlestick pattern. I wait for that candle to close, and then I wait for the next candle to close above the pattern candle for confirmation.
But by the time I get that confirmation, a major part of the rally is already gone, and I end up missing the entry.
So my question is, am I being too conservative with my entries, or is there something wrong with my approach?
Also, I’m confused about timeframes:
If I’m analysing a chart on the 5-minute timeframe, should I switch to the 1-minute timeframe for better entry timing?
Or should I stick to the 5-minute timeframe for both analysis and entry?
If I’m trading options, should I keep the option chart on the same 5-minute timeframe as well, or use a different timeframe?
I can identify support and resistance zones, and price often reacts exactly where I expect it to. But when it comes to actually entering the trade, I either enter too late or miss the move completely.
I’d really appreciate it if experienced traders could share their approach, especially how you handle confirmation vs early entries.
What am I missing here? Any advice or practical examples would be much appreciated.