Take a single bar on the slower timeframe ie 30m. See that it is composed of 6 - 5m bars. Take that 1st 5m bar’s open and draw a horizontal line for the next 6 bars (inclusive). That’s the doji of the 30m bar and it’s measure of the 30m bar’s sentiment. The doji occurs on the open of every bar when it’s open is equal to it’s close. There are 25 possible permutations of a 1pt 4 tick bar of all the possible open, close, high, low and whether the high or low came first. It’s the beginning of a vocabulary, which are the basis of words, which form sentences by which the market ‘speaks’ Most never take the time to observe the flow of market information in it’s basic grandularity. The daily bar is composed of ___ 30m The weekly bar is composed of ___ 1D The monthly bar is composed of ___ 1W
Out of curiosity, how long did it take from your learning of this info to money in your pocket from implementing this info? Chart image examples of working and non-working would be most excellent. Any online info on this? What's it called? Thanks
Elements of a system do not compare with a methodology as a whole. Learning the difference between a consonant and vowel is the building block to understand words. Language is powerful, few understand. In the above vid, the market is like the babies, the new mothers - noob traders. It would be more useful to you to attempt the ‘5x5’ grid and post your results. All this stuff is in the ET archives, not really elsewhere unless one goes into old Usenet groups. As for the ability to profit from an insight, pretty immediately. To do it consistently, then ‘context’ and the methodology for generating context is essential.
no need to read 600+ screens at all, just get the idea where the quest for holy grail leads trendlines - dont forget its just way to view and structure the price action and not predictive element, the same is true for any study. Concentrate not on graphical forms, but on the traders behavior behind. Here again MTF concept is in play because interday traders can be bullish and intraday swing bearish and so on.
well, very special art. Like in mathematics. Math is exact science, but solving math problems is art, more complicated problem - greater art needed.
Yeah I feel like that's the one relative advantage I have is that I'll know not to apply anything too mechanically. But I'm still in that apprentice mode where I want to learn all the mechanics before I try to loosen/transcend them.
Saw a guy do a video on youtube where he executed this idea, pretty interesting thought-process, feel like I half-understood what I was supposed to take away from that though. I'll try it out, see what pops.
...here's a vid showing one of the Simple ways a trader can use multiple time frames as one of the tools in the toolbox. Often happens that "heads-ups"happen on a 30min chart a few minutes before a nice setup triggers on a 2m or 30s chart. Same simple strategy Holmes is using in this vid to sniff out the elusive "next good trade". lol cued and ready to rock...