can you have a look at my post no. 34 above and answer the last part of my comments.
regards
Trading is this Simple? Finally Explained simple and clearly! 46 replies
trading is simple - trading is easy 43 replies
My Easy & Simple paper trading WORKS! Please make an EA 13 replies
Simple and Easy System-only two indicators 14 replies
An Easy System (With the help of ES Trader - Another Simple System) 13 replies
DislikedThe way I'm trading is waiting for the 30m close, then if direction of current 5m candle agrees, I set limit order over/under recent closed 1m candle regardless of 1m color. If color of 5m candle changes away, I cancel order. If it changes back, I set order again. How long to wait for this is discretion. If doesn't seem like much will happen I wait til next 30m close. So this is looking like one trade max per 30m which is kind of nice.
If entered, then I will close trade at first close of 1m candle against trade. sl/tp is 10/20.Ignored
DislikedI think you are referring to this...?
now say the 30m candle is red. we look at the 5m candle. but that is not red but is white. so we cannot enter here right ? do we wait for the NEXT 5m candle and if that is red then we can enter ? but if that is still not red but white then what ? how many 5m candles do we wait for to see if the colour changes red before we can enter ? can we wait upto five / six 5m candles ? or is that too late ?
..
All this white 5M candles after 6 close will form a new 30M white candle.. so if you are waitng to go...Ignored
Dislikedsorry, your answer is a bit confusing. and i dont think it answers my question. what i meant is:
say we have a 30m candle red, at time 14.00.
now, we look at the 5m candle at time 14.00 (or is it the 5m candle at 14.05 we look at ?). and if that 5m candle is red we can enter short right ?
but what if that 5m candle is not red but white. then we cannot enter short trade right ? and what if the next 5m candle is also white ? again we cannot enter short. remember the 30m candle is still red.
so what do we do. do we just wait until the...Ignored
Dislikedwhatfx,
you are always looking at the last closed candle.. so the last closed candle for 30M is red.. look to last closed candle for 5M.. if its 11:24 look at the 5M candle thats closed etc. etc.
how many candles to look back on? well I would look at all the data.. look at the last 5-10 30M candles and see if the newest candles are getting stronger or weaker.. look at the last 5-10 of the 5M candles and see if there getting stronger or weaker.. stronger candles are stenching further than there prevous same color candles.. weak candles are smaller...Ignored
Dislikedyes, indeed iam an intense learner. have learnt so much since coming on ff.
what you said is ok, but not the questions i posed.
t
basically what i want to know is if the 30m candle is red, we look at 5m candle. but what if the 5m candle is not red, but white. what do we do then ? do we wait for the NEXT 5m candle to see if that one is red, and if it is then we enter ?
but what happens if this next 5m candle is also white ? do we now wait for the 3rd 5m candle to see if that one turns red ?
how long do we wait like this ?
regardsIgnored
Dislikedwell i just entered a buy on the 30m candle at 14.00 est. the candle was white. the 5m candle was also white. so buy entered.
but the 5m candle then turned red. market went down hit my stop - 10 pips.Ignored
Dislikedtry to measure the last 5M range and go for half of that ranges pips take profitIgnored
Dislikedyes, indeed iam an intense learner. have learnt so much since coming on ff.
what you said is ok, but not the questions i posed.
t
basically what i want to know is if the 30m candle is red, we look at 5m candle. but what if the 5m candle is not red, but white. what do we do then ? do we wait for the NEXT 5m candle to see if that one is red, and if it is then we enter ?
but what happens if this next 5m candle is also white ? do we now wait for the 3rd 5m candle to see if that one turns red ?
how long do we wait like this ?
regards...Ignored
Dislikedwell i just entered a buy on the 30m candle at 14.00 est. the candle was white. the 5m candle was also white. so buy entered.
but the 5m candle then turned red. market went down hit my stop - 10 pips.Ignored
DislikedInteresting trade for 4 pips. Closed 30M bar was long. The 5m bar went short so I canceled and didn't place order. Third 5m bar turned long again and I placed order above 1m bars for retrace. I exited on a doji (is that what that is?) because I had some pips. By the way this is mountain time, est-2.Ignored