Hello,
Tell me if I am wrong... I have just noticed something that might help you guys, but then again it might not... just throwing some ideas around really. I am not maths guru, but was just thinking outside of the box.
I look at 1H candle and I thought, why is it moving X amount of pips within that TF (60 mins), so I looked at the next candle and that moved around that many pips to the previous candle.
So we know about average daily range, what about average hourly range and then move down to a lower time frame to catch a move or enter the market?
A. So we move onto 1H timeframe add the ATR with a period of 24, to give us a guage of daily 24 candle range (one day).
B. So we move down to the 5M TF and we add ATR with a period of 12 (12*5=60M - 1H candle).
At times we can see where a range has finished and we can enter a trade for a scalp or a good price into a trend.
If we look above at A. and currently we have 20 pips on the 1H bar based on ATR period of 24 and then if we find that a bar has already done 20 pips long, then we know the range has finished on the bar and a possible short for a scalp is on for a few pips or we wait for it to retrace and enter for a long as we know the price is trending long.
I hope this makes sense.
Regards,
vip
Tell me if I am wrong... I have just noticed something that might help you guys, but then again it might not... just throwing some ideas around really. I am not maths guru, but was just thinking outside of the box.
I look at 1H candle and I thought, why is it moving X amount of pips within that TF (60 mins), so I looked at the next candle and that moved around that many pips to the previous candle.
So we know about average daily range, what about average hourly range and then move down to a lower time frame to catch a move or enter the market?
A. So we move onto 1H timeframe add the ATR with a period of 24, to give us a guage of daily 24 candle range (one day).
B. So we move down to the 5M TF and we add ATR with a period of 12 (12*5=60M - 1H candle).
At times we can see where a range has finished and we can enter a trade for a scalp or a good price into a trend.
If we look above at A. and currently we have 20 pips on the 1H bar based on ATR period of 24 and then if we find that a bar has already done 20 pips long, then we know the range has finished on the bar and a possible short for a scalp is on for a few pips or we wait for it to retrace and enter for a long as we know the price is trending long.
I hope this makes sense.
Regards,
vip
