60min and 5min candles

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alichambers
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60min and 5min candles

Postby alichambers » Mon Jul 09, 2007 8:27 am

I remember reading somewhere (I forget where) a TRO post saying:

Use the 5min and 60min charts to confirm the direction of your entry. Never trade against the 60min candle (green = long; red = short).

My questions are:

- Which system does this relate to - not the BuyZone I assume?

- If 60min candle is red, but 5min green and entering the entry area, is this a bad signal?


Thanks.

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scalperT
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Postby scalperT » Fri Jul 13, 2007 5:46 am

Ali,

You are probably not getting a response because this question has been asked and answered a few hundred times here already.
I am surprised Avery does not lose patience. You have to at least be willing to do bit of digging to get what you need.

Yes, those rules apply to the buy zone strategy. Just find the thread "TRO Buy Zone--Keep it simple".

Find TRO's reply to BP dated in March 2006. All your questions should be answered there. Use the search function, almost any question you might concieve, has been answered already.

If not, then by all means ask.

4x=0
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Postby 4x=0 » Fri Jul 13, 2007 7:10 am

tjmxxx wrote:Ali,

You are probably not getting a response because this question has been asked and answered a few hundred times here already.
I am surprised Avery does not lose patience. You have to at least be willing to do bit of digging to get what you need.


:smt038
ali when you asked this and actually posted this exact same thread in the private club I almost thought you were taking the piss. It's like you have been frozen in ice for about 3 months and just now thawed out. Plus I was answering your questions, and so was tro, but apparently i was not answering you quickly enough?

no offense ali, this just really confused the s**t out of me

4x=0
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Re: 60min and 5min candles

Postby 4x=0 » Fri Jul 13, 2007 7:20 am

alichambers wrote:
- If 60min candle is red, but 5min green and entering the entry area, is this a bad signal?




this is a bad signal.

it is called an hourly bias. only enter when BOTH candles are green or both are red. Add the weekly to the mix to increase your edge.

you have also asked why not take a long trade when the previous rally only spiked 2 pips above your buy zone. The reason not to take the trade is that the 2 pip rally made it clear there is resistance at about 2 pips above the zone. You will want to wait for SOMEBODY ELSE to push the res up further. Then on the next rally you have an idea of when it will stop.

TRO's dynamic s/r dots add a visual element to what i'm talking about.

alichambers
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Postby alichambers » Fri Jul 13, 2007 9:04 am

Hey - no offense was intended, and I wasn't intending to deliberately cross post. I have just been finding certain aspects of trading difficult and these posts were my attempt to resolve this - I forgot I ask the question twice! :oops:

So thank you for all your comments and help - and if there's any confusion, blame it on me.

I learn very slowly in this game - and I am trying to unlearn all the backtest programming mentality and actually learn to trade. Many thanks to TRO and everyone for highlighting this in these forums.

I do feel it is starting to come together. My posts were around how to minimise the risk of being whipsawed at A and B on:

http://www.chambers-media.com/YM1.jpg

as this is a common problem for me.

4x=0 has helped me with this in his posts above.

Alex
Last edited by alichambers on Fri Jul 13, 2007 2:03 pm, edited 1 time in total.

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alichambers
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Postby alichambers » Fri Jul 13, 2007 2:00 pm

I think I'm starting to see this now...



This is 1min YM today.

The reason the ShortZone trade didn't do well at C was because the DynamicSR dots were in the ShortZone (circled in gold). There were, however, two nice LZ trades because the DynamicSR was above the LZ.

:D

Susana
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Postby Susana » Fri Jul 13, 2007 5:31 pm

What values on the buyzone are you using for YM ?

alichambers
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Postby alichambers » Sat Jul 14, 2007 12:43 pm

3 and 4 points. iPeriods for DynamicSR = 5.

Susana
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Postby Susana » Sun Jul 15, 2007 12:34 am

alichambers wrote:3 and 4 points. iPeriods for DynamicSR = 5.


Ali,

Just to confirm.

OpenBuyZone 3

ZoneLow and ZoneHi 4 ?

Thanks
Susana

alichambers
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Postby alichambers » Sun Jul 15, 2007 11:08 am

Yes, that is correct.

Alex

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