i use apple so no mt4 for macs elliot waves higher highs higher lows deal.. i measure how far it retraces into the previous length in a percentage after creating a new wave top or bottom ill link an example. this is my past three trades i made money with.. arrows are entrance and direction its 75% x% 75% the x% doesnt use this it was just a quick scalp on a lower frame. a measurement of human emotion
Many people complain about "whipsaw". 1) This is TRADING - ANYTHING CAN HAPPEN 2) One trade can make up for plenty of whipsaws. 3) You can adjust the entry triggers if you think 3 - 4 pips is too tight. Use 7 - 8. 3) If you look at the statistics, the whip does not occur that much. The Buy Zone was originally developed to trade the market session opens. After seeing the range statistics for GBPUSD and other pairs, I decided to capture some of that range. One rule of thumb with the Buy Zone is to only trade in the direction of the daily candle based on the most recent market open.
yes but its a good % without the stop included once the stop is in it lowers the % and with that return for that risk it slowly on some pairs will drain the account especially when figuring commissions/slippage. especially if u use tick data to measure you can see how normally the bar builds and normally it builds in a way that when including stop lowers the accuracy of the numbers when i run my stats i find the edge then include the best possible stops and takes and comm/slip to make sure the edge holds in real market conditions
You had mentioned about the RANGE statistics. One of my favorites to analyze. I like to know where price is in the range as a percent. I like to know how the current range measures to the average range. Also, I like to know where price is in relation to the market opens. That tells me the"bias".
sure youll see i talk about taking a years worth of data i believe then picking that bar out for a year everday then doing the stats on that bar itself. this way i can related the bar in question vrs that same bar through the past.. including bars in non peak times will create error in calculation. such as bars in london time or usa time are higher vol and longer in length on average then tokyo
Sometimes, simple is all you need to know to make a trading decision. Would you really go long if the Day, Week and Month are all down? It would depend on whether or not price was near support, right?
Of course, price being up or down is relative to the observer. Looking at current price vs the open price of 2009, 2008, 2007.
there is no subjectivity in statistics either there is or there isnt there is no in the eye of the observer