Can't wait to see your new method...
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DislikedIn reference to the USD/JPY trade I'm in what is now happening is the 30M
is now showing red, but the 1Hr shows blue for up trend, so what should I
do?? I will now keep an eye on the 1Hr tf as it is still showing blue. @ this
point we could tp if you didn't desire to hold over the weekend. Since I'm
up approx 74 pips & its near NY close before the weekend I will close & tp.
On this trade you can see the 4hr chart still shows a nice blue candle. If
this was not near the NY close on Friday I would continue to hold this trade
& follow is progress.
Any view on this trade?
AceTraderIgnored
DislikedThanks for your help. I am very busy running several business and if anyone like XOLLOSIS would like to prepare any PDF's or any tools for purposes of documentation I would sincerely appreciate it.
I will be busy this weekend gathering my thoughts on how to present this new method. Let's keep this thread alive since it is a great method for trending markets.
My favorite method will be next as that Is how I have traded before without the need to time the market so exactly. I look forward to all the programmers on here to assist with the next version for ranging markets.
Best!
SteinitzIgnored
DislikedHi,
System looks great
Just a quick questin.
With the 4 TF HAS bar ind on a 1 min chart and lets say the 5min squares are red.
Then in the last few secnds of a 5min period the price moves and causes a blues bar on the HAS on a 5 min chart.
Finally, the question, back to 4 TF HAS Bar ind on the 1min chart what will happen to the 5 min squares:
1. Will the indicator repaint all the 5min squares blue for that 5min period.
2. Only show a blue square for the last square in the 5min period.
3. A Combo and the one I suspect; Option 2 until the chart is re-opened or the indicator reset and then Option 1.
I ask this as I have not yet observed the indicator with a live feed and I was once caught out doing backtesting using a MFT Ind, 60min on a 5min chart.
Help appreciated
YelowIgnored
DislikedHi Folks!
Maybe I am not understanding the method correctly when I ask this question. Thanks in advance, you are all very helkful and I am excited by the potential of this method.
Lets say I am watching the following TFs: 15M, 30M, 1H and 4H. I see the 15M turn blue so I start watching the 30M, when I see both the 15M and 30M turn blue it is safe to enter a long trade? Correct?
Correct.
Or I can wait for further confirmation of a stronger trade by waiting for the 1H to then turn blue. COrrect so far?
No. Use only 2 TF's to enter a trade. 5/15; 15/30; 30/1H; 1H/4H whatever you prefer. I generally use 15/30.
Now, lets say I entered this trade when the 15M and the 30M turned blue. If the 15M turns red I am supposed to look to the 30M and see when that turns red and if that turns red I am to look to the 1HR until that turns red.
Correct.
So, my question is, why do I even bother watching the lower TFs. WHy dont I place my trade and just start watching the 1H then? We appear to only be watching the lower TFs and then when they turn we just go to the higher TF anyways.
IS my question clear? Am I not understanding things correctly on when to enter or exit a trade? Thanks folks!
Well not quite that simple. You are following a progression through the time frames. Let's say you enter on 15/30 both blue. Now you just watch the 1H. The 1H turns is red...what do you do? But, if you were watching the 30m it is still blue, so under this system you would wait until the 30m turned red before going to the 1H.
In other words, the 1H is going to respond slower to a change in trend and in a best case scenerio the 1H is red when you enter the 15/30. By progressing from 15 to 30 ...by the time the 30 min turns red the 1H will be turning blue...and by the time the 1H turns red the 4H is turning blue.
If you just jump from 15 to 1H you are not giving the 1H enough time to respond and show you the longer term trend developing.
Ignored
DislikedThanks Spudfire. I got ya. I guess in my brain was thinking that the 1HR would already be BLUE - but not necessarily.
Okay, so let me ask two more questions:
1) Same scenario: 15M, 30M, 1H and 4H. I enter when the 15/30 are both BLUE. I watch the 30 and it turns RED so I jump to the 1HR. If the one hour is RED also, do I exit the trade right then and there?
2) Same scenario: 15M, 30M, 1H and 4H. I enter when the 15/30 are both BLUE. I watch the 30 and it turns RED so I jump to the 1HR. The 1H is Blue so I continue to watch. When the 1H turns red to I jump to the 4H next or do I end the trade. And if I do jump to the 4H, then when it turns red to I jump to the daily? I guess I am confused as to how many TFs to conintue up with or when to exit.
Thanks! If I can grasp this piece, I think I am fine.
SirWolfIgnored
DislikedHi Folks!
...So, my question is, why do I even bother watching the lower TFs. WHy dont I place my trade and just start watching the 1H then? We appear to only be watching the lower TFs and then when they turn we just go to the higher TF anyways.Ignored
DislikedBrad
Thanks for your comments, but I think I'm not getting the last 3-4 lines.
I'm farmiliar with ATR, Stoch, MACD & all the lagging indicator squad, but
was not sure how you are using these to trade. It appears they offer support & resistance & either trade the breakouts or the bounce. Is that
correct? Have not used many indicator in the past with the exception of RSI
& MACD @ times with RSI being the favored one. @ this time do you find
ATR Indicator working as I know all fail @ some point?
The knee print in the sand I understand as we have all been there.....Well
I guess all of us have. The 5%, is that the winning 5%? I feel more than 5%
win in this business......say 10-15 @ best.
Tks for your help.
AceIgnored
DislikedIt would seem to me that some some sort of adjustment might have to be made depending upon the ratios of the time frames being used.
For example, if you were using 15M as your lower time frame and 30M as your upper (confirming) time frame the ratio between the two would be 2:1. You're waiting for a time frame twice as great to confirm your lower time frame which is the TF you are actually trading.
If you were using 1H as your lower time frame, would would have to wait for the 4H to confirm your entry. The ratio would be 4:1 with this trade.
If you were trading the 4H, you would have to wait for the Day to confirm your entry. The ratio would be 6:1 (3 times greater then the 15M 30M scenario).
What's the difference you may ask. The difference is that you would be waiting longer for confirmation before you could enter the trade forfeiting precious pips in the process.
I'm sure I'm not the first that has noticed this. Perhaps its not all that
significant. I just hate to sit on the sideline waiting for more confirmation that is necessary on the longer time frames.
Anybody have any thoughts about this?Ignored
QuoteDislikedSince the platform MT4 supports fixed TF's I assumed we would all follow the TF's I mentioned in earlier posts. If you have the ability to keep everything 2:1 I would!
I just don;t have that luxury with MT4. Yes you would be waiting longer for an exit which would/could be less then optimal in timely entries and exits.
DislikedYou can use Period Converter Optimized indicator to make nonstandard timeframes. Almost any TFs really.
Go here and follow the instruction:
http://codebase.mql4.com/indicators/277/
Hope it helps.Ignored