[walk a limit sell 1 pip below the 1M candle-sticks until its triggered... if price moves down it triggers and your in..[/quote]
You obviously meant to say Sell Stop, correct?
You obviously meant to say Sell Stop, correct?
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try 'alpari'. you can open a demo account within seconds and start using the charts.
also i just realised, some confusion on candle times.
on 30m candle say we look at the close of 9.30 candle which is red. so on the 5m candle do we look at the 9.30 one or the one at 9.35 ? similarly, the 1m candle we look at is it the one at 9.31 or 9.36 ?
you say each 5m candle has to be at least 15-20pips , but that rarely happens. do we count the wicks as a size of the candle ?
i just did one trade on usd/jpy....Ignored
Disliked[walk a limit sell 1 pip below the 1M candle-sticks until its triggered... if price moves down it triggers and your in..Ignored
DislikedI consider a limit sell and sell stop the same thing.
I like the way these candles drive. Kind of like a cadillac. I never traded with fat candles on my chart, and these averaged ones are smooth.
Btw, the candles are better colored orange and blue.Ignored
DislikedI consider a limit sell and sell stop the same thing.
I like the way these candles drive. Kind of like a cadillac. I never traded with fat candles on my chart, and these averaged ones are smooth.
Btw, the candles are better colored orange and blue.Ignored
Dislikedthis is in effect MTF trading. there are a lot of threads on mtf trading here on ff. i dont think many people have had much success with them.
problem with this is your stop. the 10 pip sl is too short and will be hit frequently. you will probably end up more losses before your tp is hit.
your ideas need to be refined. i.e. minimum candles of the same colour you need to wait before taking a trade in the opposite direction, size of candles need to be, max time difference allowed between each time frame, clear exit strategy, best times to...Ignored
DislikedYes I count wicks as part of the candles.. I am just looking at the range so yes wicks are important for the range..
theres no specific entry and exit.. like I said I use this method to find out which direction the trends are going and then I scalp them on lower time frames
this isent a mechanical strategy.. simply a guide i follow for where I'm going to implement my own trading. If this was a mechanical strategy I would have posted to the strategy section.
I think you might find it more comforting if you were to view this method as a...Ignored
Dislikedok..in my last trade the 30M was weak so I scalped off the 5 minute..
going from left to right on the picture...
notice how the last 5M HA closed candle was weaker and now active 5M is red
also the 1M HA was red.. all the better..
now the last 5M candle was about 10 pips so I was looking for 5 pips.. I got my 5
HA make price action a little easier to see.. thats really what I think it comes down to..
now I'll go back and check the 30M again from step one see where things are going.. scalp some more pips.. repeat
its...Ignored
Dislikedon your first picture you show the active 5m to be red. but do you not wait for that active candle to close and then enter on the opening of the next 5m candle ? checking the 1m candle at that same time also ?Ignored