For me, As a scalper m5 chart is as important as trading monthly chart. Trading in the zone tells the story that you need to be good enough to match synchronzation in between time frames. Monthly rejections or trend can set limits for weeks and even months but as there are mostly consolidation after big moves you need to fine tune lower time frames for better understanding.
Same can be said for hourly and m5 time frames and if you know where institutions and banks put their limit orders on then probably you don’t need any other hint to trade in the zone.
One best thing you can do is to stay versatile and don’t ever look to trade same pairs over a period of time as banks and institutions target different pairs everyday. If there is a strong sell-off seen in yen today, then probably they can target franc or canadian dollar as they don’t ever put easy money on table.
As of 21st November, I’ve witness strong selling of franc after japanese yen buying seen on friday & Draghi drama on Monday, Markets have taken a breather and look to continue with different choice and manipulation can be seen in franc crosses specially in Gbp/chf.
If you understand the market profile & behavior and struggle with direction bias in Forex trading, then I would recommend you to leave the chart reading for few days & start looking to prepare notes on different market behaviours on different crosses.
Starting from Asian session to London close note down activity for couple of weeks on which pairs follow the trend that started on Asian and how many times you see market continue the trend on the following day
Leave you with the thoughts of.buying gbp/chf around 1.3140 and carry the trade till close and if you missed it somehow, then wait for new york trappers to try and reverse it at yesterday’s high and buy the patterns after rejections or look for counter trade on other franc crosses.
