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  • #1,021
  • Edited 9:57am Mar 2, 2013 9:29am | Edited 9:57am
Hi Seneca and all the other pilots

Do you guys think it makes a difference in any way, which 4H charts are we using? Or it just evens out at the end. I mean, the 15M or 1H candles are all the same all over the world. Even the daily charts will look - more or less - the same with all the brokers. But the 4H is a different story, depending on when the candle started. There are all kinds of brokers and 4H candles open virtually every hour. So is one better than the other?
"Always be yourself " Batman
  • #1,022
  • Mar 2, 2013 11:05am Mar 2, 2013 11:05am
Quoting rdsl
Hi Seneca and all the other pilots

Do you guys think it makes a difference in any way, which 4H charts are we using? Or it just evens out at the end. I mean, the 15M or 1H candles are all the same all over the world. Even the daily charts will look - more or less - the same with all the brokers. But the 4H is a different story, depending on when the candle started. There are all kinds of brokers and 4H candles open virtually every hour. So is one better than the other?
It evens out in the end. The beginning of the price bar isn't important. The important thing is the price level at which you want to trade. When you sell a weekly high you can be trading off any timeframe, the price bar structure doesn't matter. When I speak of trading off four hour charts I am really just talking about my trade time horizon. When I buy or sell I am buying or selling a price level. I am not using bar structure for confirmation.

If you are trading closed bars you should stick with either NY bars or GMT bars.
  • #1,023
  • Mar 2, 2013 11:06am Mar 2, 2013 11:06am
[quote=Seneca pilot;6485014]Olarian,

I'm curious to know if you plan to hold your short through the weekend.

i have studied that trading a breakout strategy and holding it over the weekend has a good chance of it gapping in a positive way. I do not do this even though last year i was trading over the weekend when the e/u was flying all over the place but that was a different story.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,024
  • Mar 2, 2013 11:13am Mar 2, 2013 11:13am
[quote=rdsl;6486423]Hi Seneca and all the other pilots

Do you guys think it makes a difference in any way, which 4H charts are we using?

The main thing is to use the same charting information so you can be consistant and like seneca said do not rely too much on the bars when your trading price levels
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,025
  • Mar 2, 2013 11:14am Mar 2, 2013 11:14am
[quote=billytt;6486478]
Quoting Seneca pilot
Olarian,

I'm curious to know if you plan to hold your short through the weekend.

i have studied that trading a breakout strategy and holding it over the weekend has a good chance of it gapping in a positive way. I do not do this even though last year i was trading over the weekend when the e/u was flying all over the place but that was a different story.
I think normally I might consider holding but the reactions to news lately have been very unpredictable. I am not a fan of being exposed to thin weekend markets, you ca lose your azz.
  • #1,026
  • Mar 2, 2013 11:29am Mar 2, 2013 11:29am
yes indeed. i do not hold over weekend but i was stating a fact or giving information to Olarian that it can be profitable. Infact we all should have weekend off unlike me today studying setups and back testing
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,027
  • Mar 2, 2013 11:31am Mar 2, 2013 11:31am
Quoting Seneca pilot
It evens out in the end. The beginning of the price bar isn't important. The important thing is the price level at which you want to trade. When you sell a weekly high you can be trading off any timeframe, the price bar structure doesn't matter. When I speak of trading off four hour charts I am really just talking about my trade time horizon. When I buy or sell I am buying or selling a price level. I am not using bar structure for confirmation.

If you are trading closed bars you should stick with either NY bars or GMT bars.
OK, thank you for the quick answer,(also billytt)/The only reason I decided to ask this question was because, you had said, you would consider reversing the position (meaning waiting for the retest of the level and then go the other way) if a 4H candle closes on the other side of a level even if your stop haven't been touched yet.(and then the time of the candle close does matter). But as you say, I also feel that at the end it will even out.
"Always be yourself " Batman
  • #1,028
  • Mar 2, 2013 11:37am Mar 2, 2013 11:37am
[quote=rdsl;6486508]OK, thank you for the quick answer,(also billytt)/The only reason I decided to ask this question was because, you had said,

good question, you are learning
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,029
  • Mar 2, 2013 4:00pm Mar 2, 2013 4:00pm
Quoting rdsl
OK, thank you for the quick answer,(also billytt)/The only reason I decided to ask this question was because, you had said, you would consider reversing the position (meaning waiting for the retest of the level and then go the other way) if a 4H candle closes on the other side of a level even if your stop haven't been touched yet.(and then the time of the candle close does matter). But as you say, I also feel that at the end it will even out.
Yes the exact closing time of the bar isn't so important. The important thing is that the close happen during a major market. A close during London or NY or best during the time when the two markets are both open.
  • #1,030
  • Mar 3, 2013 12:35am Mar 3, 2013 12:35am
Great info here Seneca !

It might be helpful to somebody.
Attached File(s)
File Type: ex4 Daily_High_Low.ex4   3 KB | 394 downloads
File Type: ex4 daily_open_line.ex4   2 KB | 385 downloads
File Type: ex4 #Daily-Weekly-Monthly Hi-Low.ex4   25 KB | 445 downloads
  • #1,031
  • Mar 3, 2013 2:43am Mar 3, 2013 2:43am
Quoting snail69
Great info here Seneca !

It might be helpful to somebody.
Thanks pal
What is any ocean but a multitude of drops?
  • #1,032
  • Mar 3, 2013 9:48am Mar 3, 2013 9:48am
Quoting snail69
Great info here Seneca !

It might be helpful to somebody.
++++++++++++++++++++++++++++++++

Excellent, Thank You! These look good, and (as you've probably guessed) I need All the Help I can get!

"Your vision will become clear only when you can look into your own heart. Who looks outside, dreams; who looks inside, awakens." ~ Carl Jung
  • #1,033
  • Mar 3, 2013 9:53am Mar 3, 2013 9:53am
Quoting snail69
Great info here Seneca !

It might be helpful to somebody.
I don't use ea's always traded this as a discretionary method. Curious if anyone has applied this yet and are they profitable as a manual method. Also what were the parameters set in the ea and did you make them customizable.
  • #1,034
  • Mar 3, 2013 10:43am Mar 3, 2013 10:43am
Quoting Seneca pilot
I don't use ea's always traded this as a discretionary method. Curious if anyone has applied this yet and are they profitable as a manual method. Also what were the parameters set in the ea and did you make them customizable.
++++++++++++++++++++++++++++++++

Hi SP.

This is not as EA, but an indicator that simply draws lines for you.

• Pic is EU H1 with (#Daily-Weekly-Monthly Hi-Low.ex4) indy applied in default. There are a few dozen settings to choose from, making this indy extremely versatile. If there is one thing missing it is the ability to change the daily TF start/end. It will only go with whatever your broker uses. So for your purposes of analysis using Oanda, there should be only one problem; Extreme Hi/Lo's before Market Open on Sunday/Monday.

• Daily+High_Low.ex4 has the same short coming of not being able to adjust for broker open/close TF.

• However daily_open_line.ex4 does have the setting adjustment to enable you to choose your opening using H1 TF.

For me, this will certainly assist my ability to more quickly analyze charts, as the lines will appear as soon as I open charts.

D
  • #1,035
  • Mar 3, 2013 11:13am Mar 3, 2013 11:13am
Quoting diamonddbw
++++++++++++++++++++++++++++++++

Hi SP.

This is not as EA, but an indicator that simply draws lines for you.

• Pic is EU H1 with (#Daily-Weekly-Monthly Hi-Low.ex4) indy applied in default. There are a few dozen settings to choose from, making this indy extremely versatile. If there is one thing missing it is the ability to change the daily TF start/end. It will only go with whatever your broker uses. So for your purposes of analysis using Oanda, there should be only one problem; Extreme Hi/Lo's before Market Open on Sunday/Monday.

• Daily+High_Low.ex4...
Ok gotcha, thought it was EA. I have been told by my coder that this cannot be automated. I thought someone else had come up with a way. A lot of discretion in my trading so certainly not easy to code.
  • #1,036
  • Mar 3, 2013 5:12pm Mar 3, 2013 5:12pm
Glad to see that indicators are useful here.

EAs might work for sometime until they dont. Then it is a big a BIG problem for those who use them as they are lost....what to do next.

Manual is the way here... in a car I prefer automatic way though.
  • #1,037
  • Mar 4, 2013 8:37am Mar 4, 2013 8:37am
Some nice moves today with bounces from the daily/weekly open on EU, GJ and UJ.
Today's live result (only level trading intraday): +13.2R / 13.2% (including some "gambling" trades from late Friday evening for 2.5R, couldn't resist ;-)

Done for the day!

For the opening range breakout method on EU, there was no confirmed entry (hourly close and retest) yet.
Attached Image (click to enlarge)
Click to Enlarge Name: no brekaout on eu.png Size: 27 KB
Attached Image
  • #1,038
  • Mar 4, 2013 9:23am Mar 4, 2013 9:23am
Quoting Olarion1975
Some nice moves today with bounces from the daily/weekly open on EU, GJ and UJ.
Today's live result (only level trading intraday): +13.2R / 13.2% (including some "gambling" trades from late Friday evening for 2.5R, couldn't resist ;-)

Done for the day!

For the opening range breakout method on EU, there was no confirmed entry (hourly close and retest) yet.
Yes it was nice trading last night. Good returns. Be careful not to let your position sizes get too big or take too many correlated trades.
  • #1,039
  • Mar 4, 2013 9:42am Mar 4, 2013 9:42am
Quoting Seneca pilot
Yes it was nice trading last night. Good returns. Be careful not to let your position sizes get too big or take too many correlated trades.
Yes, this was my by far most profitable day this year.

Good avice. Position size is always 1R / 1% (as yet).
But you are right, I often take 2-3 trades that are highly correlated. I'll have to pay greater attention to this matter.
  • #1,040
  • Mar 4, 2013 9:52am Mar 4, 2013 9:52am
Olarion how do you set size of stop ?
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