Jhx wrote:LeMercenaire wrote:Jhx wrote:
So you're essentially talking about an open cross trade in the direction of the higher timeframes' candle colors?
D1 is green.
H4 is green.
H1 is red.
After a while, H1 turns green. Jump in and go long?
I know price is the same on all timeframes. But if price is above the daily open, the last h4 open, and the last h1 candle just turned green, then it could be a good time to grab a few pips.
Please correct me if I'm wrong! I've never used the multimeter so it kinda makes sense, but I could be terribly mistaken
No matter what the actual indicator is a trader is using, if you are using MTF analysis as your three ducks, then yes, you will be looking for whatever your lowest tf chart is to go into a pullback against the higher time frames and then go in as it returns to the original direction.
So to use your listing...
You are seeing:
H1 goes to Red, then as it goes Green again, in you go.
This kind of thing does work best (for me) when the trigger time frames are at least 15 min and under however. Think about how often an H1 candle can change colour between open and close.
Lem, what do you mean by trigger time frames? Or how do you use them as triggers? Do you watch an M15 (or lower) and wait for a close below / above the H1 open and then enter when a candle crosses the H1 open?
The Trigger Time Frame is whatever one I am using to actually time my entry on.
How I do that specific entry will depend on what method I am running.
If you'd like info on any particular method I use then just let me know and I'll run through it.