Hi,
Does anybody out there know the probability of a candle closing in the same direction as the previous candle for any given time frame, for any market.
Also I would like to ask if antbody exclusively tades in the previous direction of a close on a higher time frame.
I assume that higher time frames would dislpay uniform direction more often and this simple information could underpin a statistical/technical strategy. Furthermore it would be interesting to know if the probability of this occurrence drops below 50% on the lower time frames.
I think a good use of this would be in a dual or multiple time frame sytem.
For example if a statistical edge were evident on the hourly charts, then entries could be found on 5 or 15 min charts.
I believe that this alone is not a tradeable strategy but could act as a good "filter" and inspire confidence in trading decisions.
So if antbody has this type af data I would appreciate it if they would publish it here. Its not that I dont want to sit and count the candles but I'm guessing that an mt4 or excel program may be able to do this automaticaly.
However I don't really know hot to program either.
Thanks,
Ed.
Does anybody out there know the probability of a candle closing in the same direction as the previous candle for any given time frame, for any market.
Also I would like to ask if antbody exclusively tades in the previous direction of a close on a higher time frame.
I assume that higher time frames would dislpay uniform direction more often and this simple information could underpin a statistical/technical strategy. Furthermore it would be interesting to know if the probability of this occurrence drops below 50% on the lower time frames.
I think a good use of this would be in a dual or multiple time frame sytem.
For example if a statistical edge were evident on the hourly charts, then entries could be found on 5 or 15 min charts.
I believe that this alone is not a tradeable strategy but could act as a good "filter" and inspire confidence in trading decisions.
So if antbody has this type af data I would appreciate it if they would publish it here. Its not that I dont want to sit and count the candles but I'm guessing that an mt4 or excel program may be able to do this automaticaly.
However I don't really know hot to program either.
Thanks,
Ed.