Timeframe used will be 5 minutes and reference level by using simple Previous Day High/Low , Daily pivot points level from daily chart (if any) , Multi day High/Low (if any)
To understand who is in control buyers or sellers making a split analysis of every 1 hour timespan.
Let's start with first 1 hour Stage 1
Stage 2
Same need to be done for every 1 hour i have slightly fast forwarded because price not read to cross R1 level.
This is one of the simplest process i use in my trading with the help of few visual reference level like PDH/PDL etc... to understand the direction and read the charts.
1. Adding Min. 2 to 5 indicators and searching for a crossover in all indicators to take trades. But reality is indicators follow price so understand what buyers/sellers are doing to move the price.
2. Blindly following some moving average crossover without looking at the current price action ( Who is showing strength either buyers or sellers )