Thanks, MO. Here's the indicator I am using...
Lis
Never Lose Again
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- monolisa
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- monolisa
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Hi MO,
The 5 bars box are used because of a previous momo breakout of equal time period (ie. 5 bars)? I note that the box is placed at the highest high of the range - you are looking for a correction/breakout away from the box?
Thanks for the "story". It's like watching a chess game unfolds
Lis
The 5 bars box are used because of a previous momo breakout of equal time period (ie. 5 bars)? I note that the box is placed at the highest high of the range - you are looking for a correction/breakout away from the box?
Thanks for the "story". It's like watching a chess game unfolds
Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu
Momentum post box breakout is what I am looking for:
Ranging markets can be fun to trade
You just follow the pattern:
UP DOWN UP DOWN
if it goes
UP DOWN UP UP
then you trade DOWN and follow the prev. pattern.
3 same colored candles and the range is either broken and price is trending or price is ranging diagonally in which case you trade the range toward the bias.
Ranging markets can be fun to trade
You just follow the pattern:
UP DOWN UP DOWN
if it goes
UP DOWN UP UP
then you trade DOWN and follow the prev. pattern.
3 same colored candles and the range is either broken and price is trending or price is ranging diagonally in which case you trade the range toward the bias.
monolisa wrote:Hi MO,
The 5 bars box are used because of a previous momo breakout of equal time period (ie. 5 bars)? I note that the box is placed at the highest high of the range - you are looking for a correction/breakout away from the box?
Thanks for the "story". It's like watching a chess game unfolds
Lis
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- monolisa
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Hi MO,
I have a go at the EJ chart (attached).
First there was a breakout/momo (upward arrow). Counting from the pre-momo candle there was 4 bars to the highest high point. Custom candles were draw using 4 bars (yes it's a H4 chart but with a specific starting point). Next 2 H4 candles lacked momo (downward thumb). The 3rd one (bearish) has momo and broke the lowest point of the previous 2 H4 candles. My short limit order would be near the thick yellow line, trading toward the zero line @ 135.100. I do note that the thick yellow line got wicked a few times before the downward trend occured.
Your comment is appreciated. Thanks.
Lis
I have a go at the EJ chart (attached).
First there was a breakout/momo (upward arrow). Counting from the pre-momo candle there was 4 bars to the highest high point. Custom candles were draw using 4 bars (yes it's a H4 chart but with a specific starting point). Next 2 H4 candles lacked momo (downward thumb). The 3rd one (bearish) has momo and broke the lowest point of the previous 2 H4 candles. My short limit order would be near the thick yellow line, trading toward the zero line @ 135.100. I do note that the thick yellow line got wicked a few times before the downward trend occured.
Your comment is appreciated. Thanks.
Lis
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- monolisa
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Hi MO,
I was writing the EJ post and missed your explanation on the 5 bar box.
I presume you start the box after the momo candle, but why choose 5 bars?
Great advice on ranging market trades. Thanks.
Lis
I was writing the EJ post and missed your explanation on the 5 bar box.
I presume you start the box after the momo candle, but why choose 5 bars?
Great advice on ranging market trades. Thanks.
Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu
It is based on THE LAW OF THE CHARTS by Joe Ross
The box starts with the first overlapping candle that closes within the range of a prev. candle and ends when all the rules are met.
The box starts with the first overlapping candle that closes within the range of a prev. candle and ends when all the rules are met.
monolisa wrote:Hi MO,
I was writing the EJ post and missed your explanation on the 5 bar box.
I presume you start the box after the momo candle, but why choose 5 bars?
Great advice on ranging market trades. Thanks.
Lis
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