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PRICE TURN

Posted: Sat Jul 14, 2012 8:48 pm
by TheRumpledOne
PRICE TURN

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Price "turns" when the candle color of the current candle is not the same as the previous candle's color. In the above chart the candles that indicate a price turn up are marked in green and candles indicating the price turned down are marked in red.

You look for price to cross over the previous candle's open to confirm the turn has been made.

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The DOTS on the candles mark the previous open price level. You can see where price crossed the previous open and then reversed. These are entry points.

If the previous candle has a red line then when price is at/near the previous open (red dot) and moving down, you enter the trade short.

If the previous candle has a green line then when price is at/near the previous open (green dot) and moving up, you enter the trade long.

But you are only looking at one time frame and that's where the multimeter comes in handy...

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Some trend traders like to enter on "PULLBACKS". The multimeter makes it easy to see when price is pulling back to the next higher time frame or continuing the "trend". The light blue color means price is going up and price went up on the previous bar. Think "light blue sky". The dark blue color means price is going down and price went down on the previous bar. Think "deep blue sea".

Look at the M15 chart and you can see price is now turning up and back to the "trend" on M30. H1 is turning up AGAINST the "trend" on H4 and D1. While price is turning down on W1 and going WITH the "trend" on MN1.

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Please post any questions you have in this forum. PLEASE DO NOT PM ME WITH TRADING/INDICATOR QUESTIONS.

The latest version of the multimeter is attached. The line and dot indicator are in the July 2012 MT4 MOTHERLODE.

Posted: Sun Jul 15, 2012 1:35 am
by PebbleTrader
Nice to see you getting a break from the prepping work and getting to do some coding.

Posted: Sun Jul 15, 2012 8:40 am
by TheRumpledOne
PebbleTrader wrote:Nice to see you getting a break from the prepping work and getting to do some coding.


I hope you find the indicators useful in your trading.

Posted: Mon Jul 16, 2012 3:08 am
by TheRumpledOne
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Ask yourself, "IS PRICE TURNING?" and "WHERE WAS THE LAST TURN?"

You want to trade with the last turn or wait for the next turn.

DO NOT TRADE AGAINST THE LAST TURN.

Posted: Tue Jul 17, 2012 10:38 pm
by TheRumpledOne
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Every "trend" reversal will start with a "price turn" pattern on the chart.

Identifying this pattern on all of the time frames will help you select trade direction.

I prefer to trade with the WEEKLY direction rather than against it.

When price turns against the weekly direction on lower time frames, I wait.

I will enter when price turns back to the weekly direction.

It is even better when weekly and monthly are in sync.

All you have to do is LOOK at the charts and SEE!!

Posted: Wed Jul 18, 2012 3:45 pm
by TheRumpledOne
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Some people understand better in English than in pictures, charts, tables, etc...

Posted: Thu Jul 19, 2012 12:38 am
by TheRumpledOne
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TURN BARS and PSYCHO LINES...

WHAT DO YOU SEE?

Posted: Fri Jul 20, 2012 5:16 am
by Jalarupa
**OFF TOPIC** (well sorta)

TRO -

I got a idea from reading Glen Neely (as per MO's one post long long ago, didn't read it all but got this from it and I do this manually using your TRO_MID Indicator...

What Neely says is that the Highest midpoint of the candle that is at the furthest point of a Elliot Wave (as confirmed by an indicator such as TRO_Dynamic FIBS SR, or Semafors, or fractals) and the the opposite Lowest midpoint candle at the same wave, if one takes normal FIB retracements (the Fibo Tool) and places them on those Mid Points you get a very interesting view of PA and S/R...

So this is what I am alluding to in a nutshell...

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I donno? maybe you see the value in it...? Maybe not, but I thought I would just draw your attention to it (If I have not done so already... can't remember further back than say a week with all the sleep I've been missing)

Posted: Sat Jul 21, 2012 5:32 am
by TheRumpledOne
Jalarupa wrote:**OFF TOPIC** (well sorta)

TRO -

I got a idea from reading Glen Neely (as per MO's one post long long ago, didn't read it all but got this from it and I do this manually using your TRO_MID Indicator...

What Neely says is that the Highest midpoint of the candle that is at the furthest point of a Elliot Wave (as confirmed by an indicator such as TRO_Dynamic FIBS SR, or Semafors, or fractals) and the the opposite Lowest midpoint candle at the same wave, if one takes normal FIB retracements (the Fibo Tool) and places them on those Mid Points you get a very interesting view of PA and S/R...

So this is what I am alluding to in a nutshell...

Image

I donno? maybe you see the value in it...? Maybe not, but I thought I would just draw your attention to it (If I have not done so already... can't remember further back than say a week with all the sleep I've been missing)



There are no "magic" numbers... Price either goes up or down.

KEEP IT SIMPLE!

Posted: Mon Jul 23, 2012 7:41 pm
by TheRumpledOne
WHAT IF YOU WERE COLORBLIND...

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Could you trade?

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Does that help you see when PRICE TURNS?