You need to know that during the 3rd/4 hr candle or from 10:00 pm to 2:00 am (PST/USA)- please convert to your time zone, that most of the time the L.O.D. (low of day) or H.O.D. (high of day) is made, within that 4 hr candle. If you get that right, you can profit with right risk management.
There is a high correlation that 11:00 pm to 2:00 am PST/USA that the High or Low being established for the daily session, in the majority of the cases.
Attached chart example of GBPJPY 1 hour chart of Thursday, making a H.O.D. during this 3rd/4 hour candle of session, then price action dropping 80 pips.
This is why I use Daily, 4 hour and 1 hour mostly when scalping and day trading.
Do not fight big banks, if you are scalping or day trading- just jump on their train and go with it for success.
There is a high correlation that 11:00 pm to 2:00 am PST/USA that the High or Low being established for the daily session, in the majority of the cases.
Attached chart example of GBPJPY 1 hour chart of Thursday, making a H.O.D. during this 3rd/4 hour candle of session, then price action dropping 80 pips.
This is why I use Daily, 4 hour and 1 hour mostly when scalping and day trading.
Do not fight big banks, if you are scalping or day trading- just jump on their train and go with it for success.