I need some help with my strategy - it's simple and almost perfect but I still miss something. The main rule is to trade the first higher low or lower high after breaking the previous high or low. Here's an example:
The problem is that trading on the M5 without higher timeframes is quite risky and I would like to avoid stupid losses, but I don't know what could be the signal on the H1 or H4 timeframe. The best option would be a candlestick reversal pattern like doji, pinbar, inverted hammer or something, but still needs a good placement - strong SR level, good SD zone and must be correct with current trend. These setups are rare, so it's useless for me if I have a lot of HL/LH setups on the M5 timeframe. This is the only thing I miss in my strategy and I have no idea how to fix it and what to look at.
I will be very thankful for any help, because this strategy is very simple and very profitable, but I'm still lacking in certainty...
The problem is that trading on the M5 without higher timeframes is quite risky and I would like to avoid stupid losses, but I don't know what could be the signal on the H1 or H4 timeframe. The best option would be a candlestick reversal pattern like doji, pinbar, inverted hammer or something, but still needs a good placement - strong SR level, good SD zone and must be correct with current trend. These setups are rare, so it's useless for me if I have a lot of HL/LH setups on the M5 timeframe. This is the only thing I miss in my strategy and I have no idea how to fix it and what to look at.
I will be very thankful for any help, because this strategy is very simple and very profitable, but I'm still lacking in certainty...
Trade or not to trade - that is the question...