That 20ema sure is clear !!!!
Not in a trade now.
I have to go back through all of this.
Then, want to see how well it can be applied to the shorter term charts.
I try to look at daily, hourly, 15min, 5min to intraday 1min. I usually ultimately trade off the intraday chart.
I guess what I'm saying is:
If a trade doesn't make sense on the daily chart, I wouldn't trade that market at all. But, I don't trust my "skills" !! So, I work my way down in time frames and make sure all still look ok. Then finally pursue a "day trade" with entry and stops commensurate with the shorter time frame and hence minimizing stop losses (trying to any way).
My commissions are less than 10 bucks round trip, so I follow "Pop's rule 1" and eat the small losses when wrong. If the trade goes well, I adjust stops more toward what they should be if using daily chart if going to stay with the trade [hopefully remaining in a break even mode] until get far enough ahead to adjust stop to capture some profit but still stay in the trade !!
This whole stop business needs a lot of work !!
Also, I have trouble with RSI, Stochastics on the shorter time frames. Will have to dig into the 20ema - that may well be the better approach !!