What i learnt about Time and Price today
Posted: Fri Mar 19, 2010 8:43 am
Hi
I learnt to see the importance of time of entries with in hour period and 5min bars (i use for entries). I found best time to consider a play was at begining of a new hour.
At beginining of a fresh hour i dropped down to 5 min chart and wait for 5 min to tick by watching to see ifs going to make breakout play or hit trigger line. Its a cat and mouse game with the end of 5 min bar with out getting caught in a breakout play. If you get right then you high probility play back to support/resistance areas. WHY?
Because if price isnt making new highs/lows then its going oppisite direction. simple
Theres no thinking, no ifs or maybe trades. Its just price and timing. If screw it up no problem just wait for next setup theres always one just around hourly corner <wink wink>.
BB
look at picutre with hourly candle painted behind the 15 min bars and look at begining of each hour. See the pattern over and over again. Theres plays in the hours too, can you spot them. This knowledge has increased my numberof successful trades.
http://picasaweb.google.co.uk/lh/photo/ ... directlink
I learnt to see the importance of time of entries with in hour period and 5min bars (i use for entries). I found best time to consider a play was at begining of a new hour.
At beginining of a fresh hour i dropped down to 5 min chart and wait for 5 min to tick by watching to see ifs going to make breakout play or hit trigger line. Its a cat and mouse game with the end of 5 min bar with out getting caught in a breakout play. If you get right then you high probility play back to support/resistance areas. WHY?
Because if price isnt making new highs/lows then its going oppisite direction. simple
Theres no thinking, no ifs or maybe trades. Its just price and timing. If screw it up no problem just wait for next setup theres always one just around hourly corner <wink wink>.
BB
look at picutre with hourly candle painted behind the 15 min bars and look at begining of each hour. See the pattern over and over again. Theres plays in the hours too, can you spot them. This knowledge has increased my numberof successful trades.
http://picasaweb.google.co.uk/lh/photo/ ... directlink